Exploring funding options
In 2017, it was estimated that a full restoration of the terrace (all 151 arches) in ‘like for like’ construction would cost at least £24 million.
Since 2016, we have explored various funding sources including government, council, National Lottery Heritage Fund (NLHF) and our hugely successful crowdfunding campaign.
estimated minimum cost for like for like restoration
set aside from council funding to deliver the first phase of restoration
crowdfunding available towards restoration of three arches
additional sum needed to deliver 30 arches for the first phase
The council has a limited budget to spend on a vast range of essential services, so we can’t afford to spend the full estimated cost of the project in one go. We have so far set aside £2 million for the restoration project and have allocated £550,000 of this to appoint the design team for the first phase of the project.
National Lottery Heritage Fund (NLHF)
The maximum grant we could receive from the NLHF is £5 million, which would make a huge difference. We made two bids to the National Lottery Heritage Fund in 2018, though both attempts were unsuccessful. The National Lottery said they simply don’t have enough money for all the projects that applied for funding. We submitted an expression of interest to NLHF in April 2019 for a smaller amount of money though the merits of making a further application are still under consideration due to the considerable time, resource and cost of producing a bid submission.
A bid to the central government Department for Communities and Local Government for £4 million to kickstart the project was unsuccessful in 2016.