The UK’s City of London Corporation has announced £73m in funding for the development of the new London Museum in Smithfield Market.

A collection of historic buildings in Smithfield will be redeveloped to house the Museum of London, which will be relocated from the Docklands area and renamed the London Museum.

Sir Robert McAlpine has been appointed by the Museum of London as construction manager to undertake the main works, and the £73m grant from the City of London Corporation will offer the required funding to appoint subcontractors to construct the new museum.

Earlier this week, the new site received a planning permit and listed building approval to commence work. Most of the fabric of the historic buildings will be retained.

The London Museum expects to welcome the first visitors to preview events and a festival in late-2025.

It will open to the public as a visitor attraction in the following year.

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City of London Corporation policy chairman Chris Hayward said: “This significant investment in the relocation and regeneration of the Museum of London represents a major commitment by the City Corporation, not only to the museum but also to the historic market buildings that make up the site.

“We believe that the new London Museum will draw visitors in from all corners of the world, bringing economic benefits to the Smithfield area and providing a world-class learning offer to every schoolchild in London.”

Museum of London director Sharon Ament said: “We are hugely grateful to the City of London Corporation for their continued support for the new London Museum. We are moving forward at pace to create a fantastic new destination for the capital and this funding is the next step in our journey to build a truly world-class museum.”