Work on redeveloping the Old College on Aberystwyth sea front has been paused following a significant increase in completion costs.

The redevelopment has cost £53 million so far, but an increase in costs has let the university to pause the project whilst it evaluates its options.

Aberystwyth University is keen to stress however that it is committed to completing the project.

In a statement, the university said: “Aberystwyth University is considering the next steps for the Old College project, following a significant increase in total project completion costs that have recently been presented to the university.

“After the building has been made safe and weatherproof, construction work will pause to allow the university to undertake a comprehensive review of the project.

“With significant progress already made and considerable investment committed, the temporary pause will provide the opportunity to evaluate the options for the next phase in light of the new increased cost projections.

“The review will consider future costs, funding and the most appropriate timeline for the remaining work.

“We remain firmly committed to the Old College project's long-term outcomes.

“Given the rise in projected costs, it is prudent to take a considered approach to ensure that the Old College project is completed in a way that delivers lasting benefits for our university, town and Wales.

“We would like to thank our staff, funders, partners and stakeholders for their ongoing support, understanding, collaboration and commitment, which have helped drive the significant progress so far.

“We will continue to engage closely with all those involved throughout the review and provide further updates as appropriate.”

The project was approved by Ceredigion County Council in 2019 and 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.

Speaking in 2023, the university said once completed, the Old College is “expected to attract 200,000 visitors and contribute up to £14.5m annually to the local economy”.

The university said at the time that those figures would “put it on par with major tourist destinations such as Caernarfon and Conwy castles.”

“Up to 130 jobs will be created directly and indirectly and there will also be more than 400 volunteering opportunities,” the university added.

“There will be 4* hotel accommodation and spaces for activities and events across seven floors and 143 rooms, including 10 rooms with capacity ranging from 60 and up to 200 people.”

The Old College became the university’s first home in 1872 and the redevelopment aims to reimagine the building for the 21st Century, with the university saying: “The Old College will again become a place of cultural and social enrichment, a space for young people to learn and thrive, a venue where communities come together to overcome shared challenges and a catalyst for economic growth.”

The Old College project is supported by The National Lottery Heritage Fund, Welsh Government and the European Regional Development Fund, the Coastal Communities Fund, The National Lottery Community Fund, philanthropic trusts, and individuals.