Construction work is set to begin on the £24m multi-use sports arena in Derby.

Located near Derby's Pride Park Stadium, the 14,500sq m (156,077sq ft) will feature a 250m indoor cycling track and a 1.5km (0.9-mile) outdoor closed cycle trail. In the centre of the indoor cycling track will be a sports infield accommodating 12 badminton courts and hospitality facilities. The venue will be able to host 5,000 spectators.

Designed in partnership by architects Mace and FaulknerBrowns Architects, the arena will be built on the site of an existing park and ride facility and it is due for completion in early 2014. Bowmer and Kirkland have been appointed as contractors for the project.

A groundbreaking ceremony will be held tomorrow (22 November) to mark the start of work on the new arena, after Sport England announced a £3m investment through its Iconic Facilities Olympic and Paralympic legacy fund.

The venue will form part of Sport England's Olympic legacy plans and is also the centrepiece of Derby City Council's (DCC) leisure strategy.

Councillor Martin Repton, DCC cabinet member for leisure and culture, said: "We've made a very bold, decision to invest in iconic, 21st century leisure facilities.

"Our leisure strategy will deliver the most exciting and significant leisure developments for the city in the last 40 years."

Sport England chair Richard Lewis said: "There will be a fantastic sporting experience on offer for everyone at the arena, from a world-class velodrome to a 12-court sports hall.

"No project has received a larger investment from our Olympic and Paralympic legacy fund and I'm confident this facility will be a source of pride for the region where local people will be inspired to develop a sporting habit for life."