To date, the Tate said it has raised £74 million to finance the project, which has now received the official approval of Southwark Council.

 

Southwark Council said in a judgement released by the Tate: “The proposed new building will be an extraordinary and unique addition to London’s townscape.

 

"There have already been great regeneration benefits for the area following the opening of Tate Modern at Bankside.”

 

Tate Director Nicholas Serota and architect Jacques Herzog said in July 2008 that the new building will now be a brick polygon growing out of, and resembling, the existing Tate.

 

It was originally designed in 2006 as a jagged cast-glass pile.

 

They denied that budget reasons were behind the change.

 

Three old oil tanks, which were to be used as an auditorium and a performance space, will become display areas, following artists’ suggestions, forming the base of the new extension.

 

The Tate said the new design would integrate better with the existing Tate Modern, open up a north-south route from the Millennium Bridge through to Southwark, and will use 54 per cent less energy than building regulations demand.

 

Its facade echoes that of the original Bankside power station, designed by Giles Gilbert Scott, which is now Tate Modern.

 

It will feature a perforated brick lattice through which the building will glow in the evening.

 

The Tate said the project will also address some of the strains on the current building.

 

The gallery was originally designed for two million visitors but now annually attracts up to five million.