News / Bristol Arena
Contractors warn delaying city centre arena decision will lead to cost increases
The construction company contracted to build Bristol Arena on vacant land next to Temple Meads have reiterated their commitment to deliver the project for no more than £122m, but have stressed that further delays to the ‘shovel-ready’ project will lead to inevitable cost increases.
Using a construction inflation estimate of 2.4 per cent, a six-month delay of the arena project will cost £1.46m and a 12-month delay will cost will cost £2.93m.
Buckingham Group say that they have confirmed their building costs and offers to Bristol mayor Marvin Rees, who they have also requested to meet.
is needed now More than ever
Their proposals for the Arena Island site includes a ‘Social Value Offer’ worth more than £50m for the construction period including local recruitment, local purchasing and support for community projects.
Oran McCloskey from Buckingham Group said: “Construction price inflation is a real and obvious concern which will impact significantly on the cost of construction, if the opportunity is not taken to commence the arena project at the earliest opportunity. The Arena Island site offers this opportunity.”
Arena operators Arena Island Ltd have also once again confirmed their commitment to extend the lease on the site by a further ten years in order to lower the risk of the project for the city council.
John Sharkey from Arena Island Ltd added: “To get the arena built for the price quoted we need to get going, construction inflation is a factor and we don’t actually know what impact Brexit will have.
“To avoid any doubt let’s just get on with it. In contrast we expect an arena at Filton to be many years away from being shovel ready.”
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