How much will the Garden bridge cost?
The Garden Bridge Trust expects to be able to deliver the bridge for a cost of £185 million. This includes the build cost, land acquisition, professional fees, a prudent level of risk and contingency as well as VAT. In the lead up to submitting our planning applications we have developed the design and refined our costs
The ongoing maintenance and operations will cost £2m per annum. This includes garden maintenance, provision of security, cleaning and rubbish collection and for mitigating any off-site impact of visitors as well as an accrual for longer term maintenance. The exact costs will be developed and refined further between now and opening as we engage with experienced contractors and organisations responsible for managing visitor attractions and infrastructure. We are working closely with the neighbouring institutions and both boroughs to ensure we maximise on any collaborative opportunities and integration into existing activities.
How will the money be raised?
The Trust is leading the fundraising and we are committed to raising the monies needed to deliver and maintain the Garden Bridge for 125 years. More than £129m has been pledged so far and we have a clear business plan in place to raise the estimated £2m per annum needed to cover the on-going costs.
We have received a £60 million commitment from The Mayor of London and Her Majesty’s Treasury. The intention is for the remaining balance to be funded through other sources, for example, trusts, philanthropic institutions, corporate organisations, individuals and the wider community. We will launch a major public appeal in due course. This will be an opportunity for local communities and the wider public to help create an exciting new garden for the UK.