The project, backed by £20 million in government funding, will replace the Wyvern Theatre with a larger and more flexible venue in the town centre.
However, key elements including the long-term operating model and financial performance are still being developed.
Leader of the council Jim Robbins said to Swindon 24, the new building would provide significantly greater capacity than the current theatre.
“It’s the scale… the Wyvern has got capacity of around 600. This is 1,200 seated… it could be for 2,000 people standing.
“But the other thing that this new building will offer is real flexibility. We’ll be able to change the layout, look at different ways of delivering things.”
The venue will include a large fly tower, enabling it to host major touring productions that currently bypass Swindon.
Early concept work suggests it is being designed as a hybrid performance space rather than a traditional theatre.
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Robbins confirmed the project is now entering its next phase.
“It’s a £45 million project… this was the last bit that we needed to be able to press the go button on it.”
He said the council is preparing a planning application, continuing discussions with potential operators and refining the design.
Construction is expected to begin next year, with completion targeted for 2028 or 2029.
A final business case will be presented to councillors later this year.
Swindon South MP Heidi Alexander said the project had previously stalled because it was not financially viable.
“At that point in time, they were struggling to make the finances stack up, and so I worked with the council to submit a case to government.”
The £20 million government contribution allowed the scheme to move forward.
However, the council has yet to confirm how much revenue the venue will need to generate, who will operate it and the final structure of the business model.
Robbins said those questions would be addressed through discussions with potential operators.
“So until we know exactly which operator it is and what the building is going to look like, I can’t give you that exact detail.”
Alexander said the venue is intended to support wider regeneration of the town centre.
“If we’re going to attract better retail, better leisure in, you’ve got to have decent social infrastructure as well.”
The proposed site at Kimmerfields has been identified as a key part of future development plans, alongside improvements to Fleming Way and proposals for housing and commercial space.
Robbins said the new venue would not replace the former Oasis Leisure Centre but would complement it.
“This is not about a replacement for the Oasis… the idea is that as a town, we’ll have the Oasis, we’ll have the new entertainment venue.”
Alexander added that the proposed size had been carefully assessed.
“I think the council have done their research… to understand what size of venue is optimum.”
While funding and an indicative timeline are now in place, planning permission has yet to be submitted and an operator has not been appointed.
The scheme remains in development, with several key decisions still to be made before construction begins.
If delivered, it would represent one of the most significant changes to Swindon town centre in decades.
