The BBC estimates future savings from its ￡1 billion redevelopment of Broadcasting House have more than trebled following a re-assessment of the project.

The central London scheme, which is set to complete next year – four years late, was originally designed by Richard MacCormac. But problems with budgets saw him axed from the project and replaced by Sheppard Robson, which is finishing the renovation and extension of the grade II listed building.

Now the broadcaster has said it will save ￡736 million over the next 20 years as a result of the move, more than three times the ￡233 million estimated in 2003.

 “For the first time, it’s effectively bringing two newsrooms into one,” Andy Griffee, Broadcasting House programme director told the Financial Times. “At Television Centre we’ve got a multimedia newsroom and at Bush House we’ve got a World Service English language newsroom. Those two will come together in this space.”

The revamped building will house the BBC’s news operations, national radio services and its multimedia production arm.

Last month TV presenter Jeremy Paxman attacked the broadcaster’s decision to leave White City for central London.

In an interview with the Radio Times he said: “What organisation — at a time when it has no money, allegedly — would move from cheap square footage in west London to Oxford Circus.”