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Museum of London: View across the campus from the south-west (2020 visualisation)

Source: Secchi Smith

Museum of London: View along West Smithfield (2020 visualisation)

Source: Secchi Smith

New Museum of London: Exterior of the General Market along West Smithfield (January 2020 visualisation)

Source: Secchi Smith

New Museum of London: Proposed view display space Upper Poultry (2020 visualisation)

Source: Atelier78

Museum of London: Proposed view of the General Market (2020 visualisation)

Existing Smithfield Market - aerial

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The Museum of London鈥檚 budget for its new home at West Smithfield has risen to 拢337m, it has emerged 鈥� as Stanton Williams, Asif Khan and Julian Harrap鈥檚 proposals for the project were lodged for planning.

Museum bosses revealed the 拢5m cost hike from last summer鈥檚 拢332m figure as they announced the development milestone yesterday. They said that the City of London Corporation had recently agreed to up its contribution to the project to 拢197m.

A statement from the corporation said the funding increase would allow for 鈥渆xtra resource鈥� that revisions to the plans required and would 鈥渁lso cover the expected additional cost due to construction inflation鈥�. It committed the cash after a consultation on the proposals launched last summer.

Stanton Williams is lead architect for the transformation of the historic market buildings at Smithfield near Farringdon station which will host the museum when it relocates from its current Powell & Moya building beside the Barbican.

The practice won the design competition for the project as part of a team including Asif Khan and conservation specialist Julian Harrap in 2016 鈥� beating a shortlist that included BIG, Caruso St John and Sergison Bates.

Even by the time the competition concluded, the budget had already more than doubled from an originally indicated 拢150m.

The Museum of London said it expected a decision on the project from the City鈥檚 planning and transportation committee by the end of the year.

Director Sharon Ament admitted the museum still had 鈥渕oney to raise鈥� for the project, despite the sum committed by the City and a further 拢70m pledged by mayor of London Sadiq Khan. The museum has already raised a total of 拢28m but needs a further 拢42m to deliver the project.

Last week Hawkins Brown and Studio Egret West were announced as the winners of a City of London-led competition to reimagine the Smithfield East and West Market buildings, adjacent to the proposed Museum of London site.