Eastleigh Borough Council (EBC) has announced that all outstanding issues surrounding a proposed development at Southampton's Ageas Bowl cricket stadium have been resolved.

With the financial and legal conditions now satisfied, the local authority said that it will now proceed with the acquisition of the 167-acre (68-hectare) site on which the venue stands.

The land purchase - first approved in December 2011 - will allow for the development of a new hotel and conference centre, which will be worth £55m a year to the local economy.

EBC leader Keith House said: "This is a very significant scheme for the borough and it is important that we have taken the time to ensure that outstanding issues have been resolved.

"I look forward to the start of work on site as soon as possible, so that people and businesses in the borough can begin to enjoy the benefits of this investment."

Click here for more information about Eastleigh Borough Council's involvement in the proposed Ageas Bowl development.