The cost to redevelop the Old College in Aberystwyth has spiralled to £53m – more than double the initial estimate – with no firm completion date for the building set.

Aberystwyth University originally wanted the revamped building - which will include a hotel as well as educational and community spaces - finished in 2022 in time to mark the institution’s 150th anniversary but delays including the pandemic moved the project back.

The target was then moved to summer 2024, but with extensive work still needed, the university then hoped the project would be completed by the end of 2025 – more than three years after it had originally planned.

That date came and went, and a new target for opening the revamped building has not yet been set, with the latest annual report from Aberystwyth University saying only that “most of the construction work [is] due to be completed by late 2026.”

In 2017, initial cost estimate for the scheme put the work at £20.6m.

That figure rose by more than £1m before work even started, while the expected cost when planning permission was granted in 2019 was pegged at around £26m.

The addition of the Grade II Listed Cambria building into the project saw estimates rise to £43m, but the latest estimate now sits at £53m.

The latest set of accounts from Aberystwyth University, covering the 2024/25 financial year, show that £15.2m was spent on the project during that time period, with a “similar level” expected in 2025/26.

The report says that the total spend forecast has risen to £53m.

The report said: “The Old College project made up the vast majority of the 2024/25 capital budget with £15.2m spent over the financial year.

“Expenditure at a similar level is expected over 2025/26.

“The total forecast capital costs of the project have increased to £53m and most of the construction work [is] due to be completed by late 2026.

“The project is funded by external grants, fundraising and earmarked university investments and we are grateful that additional funding totalling £3.8m has been pledged from the Welsh Government.”

The Old College scheme was approved by Ceredigion County Council in 2019.

The most controversial aspect of the scheme is a glazed conference space that cantilevers over the Grade II listed Georgian Villas at 1 and 2 New Promenade, which attracted several objections as being “not in keeping” with the building.

Aberystwyth University – which did not answer questions from the Cambrian News on why costs of the project had risen so much nor whether there was a revised timeframe for completion and opening of the Old College – says the project will contribute more than £14m to the local economy when complete.

Once complete, it will comprise 143 rooms across seven floors, including 10 rooms with capacity ranging from 60 and up to 200 and 60 hotel bedrooms.

It will also include a Culture and Community zone alongside new facilities for community activities, events and meetings and dedicated spaces for young people and students.