Manchester's new flagship arts centre will cost almost double what was budgeted for before work started with the total spend set to top £200m. The Factory International project will require an additional £25.2m to meet rising construction costs, according to a report published today (October 3).
The arts centre which is being built on the former Granada TV Studios site is anticipated to attract up to 1.15m visitors a year when it opens in June 2023. The unique building at the heart of the St John's regeneration area will be the permanent home of Manchester International Festival with events planned all year round, contributing an estimated £1.1bn to the economy over a decade.
However, the project which was initially due to be completed by 2019, has been heavily delayed and suffered further set backs due to the pandemic. Now, unprecedented levels of inflation, workforce shortages and the ever-increasing cost of materials have been exacerbated by the war in Ukraine.
