Lack of funds threatens Southbank £120million redevelopment plans

Grafiti art under the Southbank Centre, 2011. Editor 5807, Wikimedia

The Southbank Centre today suspended its £120 million redevelopment and gave itself three months to find alternative funding sources to carry out the project, the Evening Standard reports.

Part of the project included the modernisation of the Queen Elizabeth Hall and Hayward Gallery, and new facilities topped by a glass pavilion. Concerning the controversial plan to transform the iconic Undercroft skate park into retail units, Mayor Boris Johnson has backed skateboarders fighting to stay in the spot.