Acquisition of land and associated construction works relating to proposed Becketwell Venue, Colyear Street, Derby

Derby City Council ("the Council") has entered into contractual arrangements with SJS (4) Limited and St James Securities Group for the development of a performance venue. The Council has entered into two principal agreements with SJS(4) Limited: (1) A land sale agreement under which the Council will purchase land from SJS(4) Limited for a value of GBP 561,495 which is to be the main part of the site of the performance venue after SJS has satisfied conditions requiring SJS(4) Limited to secure planning permission for the development of the venue following approval of plans by the Council, achieve vacant possession, obtain relevant indemnity insurances and identify a tenant for the venue. (2) A forward funding agreement under which the Council will provide GBP 45,238,505 funding for SJS(4) Limited to carry out demolition and construction at the site and St James Securities Group will act as Guarantor for the obligations of SJS(4) Limited.