Bristol Beacon refurb was 'third largest council expenditure' last year

Bristol City Council spent £22.5million on the refurbishment of music venue the Bristol Beacon last year – more than it spent on building new homes, expanding schools or low-carbon energy projects.

The cost of the renovation has already almost tripled from an original £48million to £132million after the state of the Victorian Hall was found to be much worse than previously thought.

An opposition councillor has criticised the decision as a “massive drain” on the authority’s finances, saying the money spent exceeded what the venue is worth.

But Bristol City Council says the true value of the investment to the city’s economy will “ultimately dwarf” the financial costs of the works.

According to the local authority’s recently published draft accounts, the authority’s biggest area of capital investment was £61.5million in its housing stock, of which £20million was on new-build developments.

Next came £41.6million on transport schemes including the Clean Air Zone, flood defences, Portway park & ride railway platform, the Bus Deal programme, traffic infrastructure, street lighting and road maintenance. 

Bristol Beacon is third on the list, followed by £15.3million for school buildings to provide more spaces for pupils amid increased demand, such as Year 7 “bulge” classes and the SEND expansion programme.

Cllr Jonathan Hucker, Conservative councillor for Stockwood who is also a qualified accountant, said: “At a spend of £22.5million in the year, Bristol Beacon continues to be a massive drain on the council’s financial resources.

“All of this cash is getting written off in the accounts because the venue is leased at a peppercorn rent and therefore has no economic value to the council.

“It is therefore very unlikely that the council will ever see a return on its colossal expenditure on this project.”

A council spokesperson said: “Our commitment to the modernisation and refurbishment of Bristol Beacon is an investment in the city’s economy that will deliver a world-class venue for generations to come.

“It goes well beyond the value of the bricks and mortar that make up the site and relates directly to our duty to stimulate economic growth that benefits the city.

“These benefits will be felt by the local night-time economy and the retail sector as footfall increases, jobs are created, and tourism rises."

“Beyond these direct benefits to the city economy, there will be indirect economic benefits felt from the education, employment, and training opportunities the Bristol Beacon will deliver and support.

“Estimates prior to the works began put the total economic impact of the new venue and its delivery at over £410million over a 20-year period, supporting nearly 400 jobs a year during that time.

“This return will ultimately dwarf the initial investment made in the physical building itself.

“To say the site has no value to the council or the city is incorrect."