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Bristol Arena can be built on budget – contractor

The construction firm responsible for building the new Bristol Arena believe the project can be delivered on budget.

The projected budget for the arena is £123.5m, for which funding is available from the Economic Development Fund (£53m), operator contribution and income (£42.5m) and infrastructure funding associated with the wider Temple Meads East project (£28m).

A value-for-money assessment commissioned by the city council and carried out by KPMG estimates it will cost £156m

But speaking at a Bristol City Council scrutiny meeting, Buckingham Group director Oran McCloskey insisted:

We have set a target cost that we will come under, or we will lose money. This is the exact type of project for us, so why would we set a target cost where we would exceed it and lose money. We are very confident that we understand how to build this project and we understand all the significant risks.

An alternative location for the site has also been proposed at the site of the Brabazon hangar at Filton, which was used for the construction of aeroplanes after World War Two.

Mayor Marvin Rees is expected to make a final decision on the location of the arena at the next council cabinet meeting on 3 July.