According to election bumpf, this bridge is to be replaced with money raised from the development of Gorsey Bank. A figure of £292,000 is mentioned, but that is probably the total that SMBC hope to raise for improvements to the area.
It's not the smartest of bridges and it could do with a lick of paint, but looks to be sound for many years to come. There are probably better uses for the money.
I wonder if the money is being spent because it is assumed that this will please local residents, if so they may be mistaken, or because something more modern is required to create the right ambience for the new Gorsey Bank development, in which case they may have a point.
