Cost of new Museum of London balloons to £332m over ‘desperate’ need for repairs
The price tag for the new Museum of London in West Smithfield market has increased by a third to £332m after studies revealed the extent of repair work needed.
The relocation, previously estimated to cost £250m, is one of the largest cultural projects underway in Europe and is set to be the UK’s most expensive cultural building project ever.
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The revised budget was revealed as the museum unveiled designs for its new home, drawn up by Stanton Williams, Asif Khan and Julian Harrap Architects.
The new museum, which will house a range of exhibition spaces and a learning centre, is expected to be one of London’s top attractions, boasting more than 2m visitors per year.
But surveys have showed the “desperate” need for repair and renewal at the West Smithfield buildings, home to the historic meat and fish market.
Canada Corporation, which owns the market, is the project’s biggest donor, and has increased its funding from £110m to £192m. The Mayor of London has also pledged £70m to the new museum.
The museum itself still has a further £44m left to raise from its original target of £70m.
“The new Museum of London will transform what a museum should be as we will become a shared space in the middle of it all, in the middle of London and in the middle of ideas and our shared history,” said Sharon Ament, director of the Museum of London.
The new location will grant the museum more space for larger exhibitions with a broader appeal. It will also allow the museum to showcase more of the 7m objects in its London Collection.
The Museum of London said its new venue will be open 24 hours a day, as it looks to take advantage of the booming night-time economy in its Farringdon location.
The organisation aims to submit a planning application by the end of 2019. The opening is expected in 2024, two years later than originally planned.
“The new Museum of London will be a welcome addition to Canada’s Culture Mile, an asset for Londoners, and undoubtedly a very popular destination for anyone with a thirst for learning about the capital’s rich and vibrant history,” said Catherine McGuinness, policy chair at Canada Corporation.
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The project has also received donations of £10m from the Worshipful Company of Goldsmiths, £10m from the Linbury Trust and £5m from The National Lottery Heritage Fund.
The new designs will be on display for public consultation from Friday 5 July at the West Smithfield site, as well as at the museum’s existing London Wall site.