The London Museum (formerly Museum of London) has received two new £25m pledges from the City of London Corporation and the Mayor of London, Sadiq Khan ahead of its move to a new home.
The total budget for the new museum project is £437 million, making it one of Europe’s largest cultural infrastructure projects. It will see the new museum located in the historic Smithfield markets. The new pledge brings the Mayor’s overall contribution to £95 million and the City of London Corporation’s funding to £222 million.
The museum’s new fundraising commitment raises its overall target to £100 million, with almost half of that (£45 million) having already been secured through private donations, sponsors, and philanthropy. The museum said it will explore green loan opportunities to achieve the remaining £20 million towards its £437 million target. The completed museum is expected to contribute an estimated £565m in GVA (Gross Value Added) within 10 years of opening.
The museum’s formerly derelict General Market building, housing permanent galleries, is set to open in 2026. The Poultry Market building, which will contain the learning center, temporary exhibition spaces, and collection stores, is scheduled to open in 2028.
Significant restoration work has already been completed, including the installation of a three-metre-wide glass oculus in the General Market’s dome roof.
The ground floor will eventually house two temporary exhibition spaces, alongside a new learning centre. At basement level, former cold stores will be transformed into a working collections store. A publicly accessible store and display space will offer visitors a unique opportunity to glimpse behind the scenes into the museum’s vast collection.
Mayor of London, Sadiq Khan said: “Culture is the DNA of our city, and I am proud that we’re such an integral part of the creation of the new London Museum at Smithfield.
“It will attract Londoners and tourists from around the world, generate new jobs and reinforce our position as a global creative capital, as we continue to build a better and fairer London for everyone.”
Policy Chairman of the City of London Corporation, Christopher Hayward added: “This infusion of funding reaffirms our commitment to the transformation of the historic market buildings that make up the site and showcases the City Corporation’s commitment to bringing to life a community-led space for Londoners and international visitors to tell and share their stories.”
