Scheme was originally costed at £250m
The budget for the project to convert derelict market buildings into a new home for the Museum of London has gone up a third to more than £300m because of the condition of the 19th century structures at the site.
The museum held an international design competition in 2016 to find an architect to convert some derelict buildings at the nearby Smithfield General Market into its new home.
A year later the budget was put at £250m, with the mayor of London and the City of London Corporation jointly pledging to bankroll £180m of that. The City has since increased its donation and, with other contributions, it now has £44m left to raise.
But the authorities now anticipate the scheme, designed by Stanton Williams, Asif Khan and Julian Harrap Architects, will cost £332m.
A museum spokesperson said: “The budget has now increased because [it is] now looking at taking more space and recent surveys have found that the West Smithfield buildings are in a worse state of disrepair than they originally anticipated and a significant amount of the project cost will be spent on bringing the buildings back into use.”
The museum released new images and an updated budget this morning for what it says is one of the largest cultural projects taking place anywhere in Europe.
The museum has to move from its current home beside the Barbican so it can be demolished to make way for a concert hall designed by Diller Scofidio & Renfro.
Museum director Sharon Ament said the aim was to submit a planning application by the end of this year, with the opening expected in 2024.