A new theatre for Swindon might cost £50m to build – but it will, on an estimate, bring in £6m a year to the town centre for 50 years.

And once built it won’t cost the Swindon taxpayer a penny in subsidies, members of the council’s growing the economy overview and scrutiny committee were told.

They were receiving a briefing on redeveloping the town centre and heard from council officer Sam Rackham on plans for the cultural quarter, which will be constructed as part of the redevelopment of the business area bound by Fleming Way, Corporation Street, Milford Way and Manchester Road.

Mr Rackham told members of the committee: “Industry experts are currently undertaking an investment appraisal, with market and financial analysis to establish the optimum technical capability and to inform a viable financial and commercial model for the theatre.

“The emerging appraisal work has identified that there is a place for the new theatre on the regional touring circuit with the opportunity to place Swindon on the national touring map that will cater for West End productions.”

The plan is to build a theatre which can seat 1200 or hold 1800 standing for music concerts, as well as a 200-seat studio for smaller productions such as those put on by community theatre groups.

Mr Rackham said theatre operating groups were being involved at a very early stage to make sure anything that is built will be viable: “In the past with these sort of things, they’d be planned and approved and construction would start, and then you’d start looking for someone to operate it. And only then you’d find out whet the operator really wanted which would be necessary for it to be commercially viable.

“We are being operator-led, so we’ll make sure the things they really need will be in the design and planning- things like a fly-tower for example, which would allow a production of Chitty Chitty Bang Bang for example."

Mr Rackham told the committee: “It won’t be easy. It will cost about £50m, but will bring in to the town £6m a year for 50 years, £300m vastly outweighing the initial cost.

“And it will take zero theatre subsidy once it’s up and running.”

The cultural quarter which will include an art pavilion to display the Swindon Collection of modern art is the last phase of the Kimmerfields regeneration plan, which is reaching the end of phase one with the completion of the Zurich building.