The figure would "increase significantly" because of the impact of Coronavirus (COVID-19).
Originally, the project was expected to cost GBP 38 million and be completed by December this year, but that was pushed back to March and later to July 2021. The ferry terminal is now expected to be finished in March next year.
The additional costs are partly due to the need to strengthen the walls of the harbour to cope with the impact of the bow thrusters of the new island ferry. The scheme has been held up by the archaeological excavation of parts of the site as well as the need to dispose of unexploded WW2 bombs. Those issues would add an additional 5% over-spend.
Project delays caused by the pandemic are currently costing GBP 8,000 per day.
The new facility is being built at Princes Half Tide Dock about 670 metres from the existing terminal at Pier Head.