Whether Bristol Arena is built next door to it or not, Temple Meads is set to be transformed over the next few years.

A masterplan is now in the process of being developed for the station and the wider Temple Quarter area with the aim of revitalising the station as well as speeding up the regeneration of the surrounding land.

Ways to open up access to and through Temple Meads from the east of Bristol will be looked at, as well as the potential for new development around the station and the Temple Quarter district.

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Once the initial work is completed and more funding is secured, it will lead to more detailed development of specific elements of the scheme.

The Grade I listed Temple Meads is one of the oldest surviving railway terminus buildings in the world and one of the last remaining unimproved mainline train stations in the UK.

It already receives around 10m passengers a year and this is expected to rise to more than 22m by 2030.

Two new sets of ticket barriers are due to be installed by Network Rail in October in a bid to to ease congestion, with a further £40m investment to renovate the station’s historic roof planned for the next five years.

Bristol mayor Marvin Rees said: “We are currently the only major UK city without a modern railway station. At long last, that is about to change – thanks to the energy and commitment of the partnership we have brought together.

“A transformed station will finally give us a railway station fit for the 21st century, acting as a gateway to the West of England.

“The aim is that the redeveloped station will be accessible from the east of Bristol, removing a barrier that has divided the city.”

The West of England Combined Authority is putting £2m into the masterplan development.

Metro mayor Tim Bowles said: “Temple Meads is one of our most valuable assets and improvements at this key regional hub will help realise the West of England’s economic ambitions.

He added: “I look forward to seeing a scheme which is deliverable, affordable and meets the high expectations of the region, in terms of delivering a new mixed-use quarter (Temple Quarter) and a gateway to the West of England.”

Francis McGarry, director route business development for Network Rail’s western route, said: “We are looking forward to seeing how the masterplanning team will help continue the regeneration in the area and build upon the railway upgrades we are making in Bristol that will provide more frequent services, thousands more seats and quicker journeys.”