The investment from the Homes & Communities Agency (HCA) will be used to provide a new access route including a three-lane bridge over the River Avon.

The Diesel Depot site is currently disconnected from the rest of the Temple Quarter Enterprise Zone and is only accessible via a small, single-tracked route. The scheme will unlock the site and make major development more viable.

The approval supports plans by Bristol City Council and the West of England Local Enterprise Partnership to build an 11,000-seater indoor arena on part of the enterprise zone site.