en.Wedoany.com Reported - The cost of Sefton Council's flagship Marine Lake Events Centre renovation project has increased from £73 million to £106 million, requiring an additional £33 million in funding, with completion expected in 2029.

The project includes a 1,200-seat theatre and conference space for 2,400 people. A council cabinet report states that since 2020, "inflationary pressures driven by external factors have affected the entire construction industry," leading to cost increases. Of the total £106 million cost, Sefton Council will contribute £52.7 million, with the remainder coming from borrowing and grants from the Liverpool City Region Combined Authority (LCRCA) and central government. The council has received £33 million from the government's Town Deal fund and £20 million from the LCRCA.

Contractor VINCI was appointed earlier this year for the project, becoming the third contractor to take it on after Kier and Graham withdrew. Construction is expected to begin in October, with a 115-week timeline. Once completed, the venue will be operated by Legends Global, with an opening scheduled for early 2029.

Facing cost pressures, Sefton Council has not significantly scaled back the project, citing the venue's potential revenue. The report estimates that the Marine Lake Events Centre could contribute £30 million annually to the local economy and attract 600,000 visitors. Both figures are higher than the 2022 projections, which estimated an annual economic contribution of £19 million and 500,000 visitors.

Through value engineering optimizations in interior finishes, facades, and mechanical and electrical systems, as well as replacing the main contractor, the project has saved £12 million. Sefton Council Leader Cllr Marion Atkinson stated that the council could not prevent cost increases but that scaling back ambitions for Southport was not an option. She noted that since 2020, costs for some key building categories in UK public and private sector projects have risen by up to 60%. Nevertheless, the council has undertaken significant work to control cost increases while improving long-term commercial benefits and maintaining the project's quality and impact, including identifying £12 million in savings.

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