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.
Mixed picture as DCC overspend reversed but savings target off
Devon County Council is predicting it will miss its £50m savings target
Seven fire crews tackling blaze at North Devon derelict house
Broke out near Bideford
Devon man raises thousands for Hospiscare
Jim Bray received a 'Hospice Hero' medal
Teenage boy arrested following Plymouth nightclub fire
13-year-old released under investigation
Neighbourhood plan to go to referendum
Councillor praised for "dogged determination"
Paignton ‘eyesore’ demolition plan splits town
'Are we really prepared to see yet another hole torn into the heart of Paignton?'
