LONDON, ENGLAND.- Designs for an ambitious new development of Tate Modern by award-winning architects Herzog & de Meuron were granted planning permission by Southwark Council. A spectacular new building will be created on the south side of the existing gallery to provide more space for modern and contemporary art and enable Tate to enrich its programme by exploring new areas of contemporary visual culture. Facilities for young people will be central to the new development and learning and visitor engagement will be at its heart.

Sir Nicholas Serota, Director of Tate said: "We are delighted that Southwark’s Planning Committee voted unanimously in support of the scheme. This decision would not have been possible without the involvement and support of local residents which has been crucial to the development of the design. We look forward to bringing to Southwark a landmark building for the 21st century."

The success of Tate Modern has made the new development necessary in order to accommodate around 5 million visitors a year that come to the present building which was originally designed for half that number. The project will act as a catalyst for the further regeneration of the South Bank, encouraging its impact to spread further southwards into Southwark.

The project will create a new landmark for London, helping to maintain its position as the leading cultural and creative capital of the world. Major investment of £7 million by the London Development Agency has already been committed to kick-start the development and help fast track the scheme so that it might be completed in time for the Olympics in 2012.

The project will now enter its delivery phase and a project team will be appointed. The total costs of the development are comparable to the costs of the original Tate Modern: £165 million at today’s prices, £215 million at outturn in 2012.