The £30m redevelopment of the Octagon Theatre was paused due to rising costs.
A paused £30m theatre regeneration project has been thrown a potential lifeline by the town council.put on hold by Somerset Council at the start of OctoberBut at a council meeting on Tuesday, Yeovil Town councillors voted in principle to financially support the project.The theatre was closed in May ahead of the planned redevelopment, which involved expanding the auditorium from 622 to 900 seats.
However, Somerset Council was told current interest rates of 5.6% would take annual interest repayments from £245,000 to more than £1m a year, for the first few years.Yeovil Town Council has now offered a potential way forward, voting in principle to financially support the project and work in close partnership with the unitary authority going forward.
said some were critical of the plans, believing the theatre should reopen in its current form to prevent further borrowing.The planned redevelopment would involve expanding the auditorium from 622 to 900 seats
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