The British Film Institute has announced plans for a new headquarters and film centre on London’s South Bank.

The proposed site, only 100 yards from the BFI’s current home, is being used as a car park. The construction and fit-out cost of the new 12,500m2 centre will be £90m.

The project will be publicly funded in part, but large private contributions will also be required. Funding will comprise £45m from the Department for Culture, Media and Sport, £5m from the Greater London Authority and the rest from private contributions, which are now being raised.

The current BFI centre, which is part of the South Bank complex in central London, dates from the early fifties. The BFI said it was unsure what would happen to the building, which is owned by the South Bank Centre.

An Official Journal notice calling for an architect to design the institute said: “The building is no longer flexible or durable enough to allow the BFI to showcase all its activities.”

An architect will be appointed in October, but a contractor is not expected to be appointed until 2013. Work is scheduled for completion by 2017.