It's going towards revamping its buildings and facilities.
Part of the money will be used to build a balcony in the main auditorium to increase its capacity and there'll also be improvements to its bar area.
Part of the Phoenix will also be converted into a new digital cinema and screening space.
Torbay tourism facing pressures
Bay MP says tourist trade needs stability and help
What is the future of vulnerable but vital Slapton Line?
Millions of pounds have already been spent protecting the road
Reform win Brixham by-election
Very small turn out
Exeter city centre traffic scheme rejected
Plan branded ‘a profligate and pointless waste of taxpayers' money
Council tax will rise to help fund police
Taxpayers will pay 5.2 per cent more from April
