The budget for the V&A Museum of Design Dundee now stands at £80.11 million – and Dundee City Council says it could be June 2018 before the museum opens to the public.
When the project was first announced it was budgeted at £47 million and given a planned opening date of 2014.
Following the announcement of the new budget, the Scottish Government pledged an additional £10 million to the cost of the Kengo Kuma-designed building, bringing the Government’s total contribution to £25 million.
Deputy First Minister John Swinney says the museum is expected to be visited more than 270,000 times a year and would contribute £11.6 million a year to the local and national economy.
Swinney adds: “V&A Dundee will be an iconic statement at the heart of the Dundee Waterfront development.”
Dundee City Council says that alongside the Scottish Government cash, it is also looking to raise £22.61 million for the project through a Growth Accelerator Model Fund for Dundee Waterfront.
In addition, £4.5 million is being sought from the Heritage Lottery Fund and £6.6 million from private fundraising, while £6.5 million will come from the Dundee City Council capital programme.
Phil Long, director of the V&A Museum of Design Dundee, says: “Dundee and many from across Scotland are looking forward to having the first ever purpose-built design museum in the UK outside London.”
Last month Dundee was named a “City of Design” by the United Nations – in part due to the V&A plans.