The City of London Corporation and the Mayor of London have pledged £110 million and £70 million respectively for the Museum of London’s plans for a new site.
The project at the Smithfield Market site aims to save one of the last remaining derelict Victorian buildings in central London and create a larger venue for the museum’s collections.
The support from Sadiq Khan is the largest cultural investment made by any mayor of London, and together with City of London Corporation’s unprecedented investment, provides a £180 million package of funding towards its approximate £250 million cost.
The new museum will be next to the major transport hub being created at Farringdon, and part of a burgeoning cultural hub within the City.
Once installed at the new site, the Museum of London aims to broaden its visitor profile and double its visitor attendance from one million to more than two million, displaying much more of its collection of more than six million items.
Khan said: “I’m proud that this is the biggest ever cultural investment made by any Mayor of London to date.
“The world’s greatest city deserves the world’s greatest museum.”
Mark Boleat, chairman of the policy and resources committee at the City of London Corporation, added: “It is widely recognised that the current building at London Wall does not allow the museum to expand and flourish, and that the former market buildings are in a poor state of repair.
“The approval of this significant contribution makes good business sense and is a major step forward towards the creation of a new Museum of London.”
Sharon Ament, Museum of London director, said: “We can now move forward confidently with detailed plans for the new museum and remain firmly on target to open the new museum in 2022.”