A planned centre for international contemporary art, theatre and film at Manchester's 20-acre First Street site has received a £5.5m funding boost from the Arts Council.

The HOME centre is due to open spring 2015 and will include a 500-seat theatre; 150-seat studio; a 500 sq m gallery space; five cinema screens; digital production and broadcast facilities; a café bar and restaurants.

North west regional director for Arts Council England, Jane Beardsworth, said: "It's fantastic that in such difficult times a local authority can have the confidence and vision to invest in such an ambitious cultural project."

Dave Moutrey, director and chief executive of HOME, said: "From the start of the project our aim has been to create a shared space, where people can come together in their passion for art, cinema, theatre, good food and conversation."