The City of London Corporation has announced £73 million of funding, in the next stage of plans to relocate the Museum of London to the historic markets site in Smithfield. 

The release of this next tranche of funding for the new museum project represents a major commitment by the City Corporation.

It represents the next phase of the relocation and regeneration of the museum and securing a sustainable future for the historic market buildings that make up the site. 

The latest tranche of funding will also support the corporation’s vision for the new museum to become one of London’s top ten visitor attractions, generating significant economic benefits and bringing over two million visitors a year to the Smithfield area.

The Museum of London have appointed Sir Robert McAlpine to act as their construction management partner for the main works, and the £73 million provides necessary funding to appoint sub-contractors required to build the new museum.

Chris Hayward policy chairman at the City of London Corporation, said: “Cultural institutions like the Museum of London are essential to the character and vitality of our great city.

"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."

He added the project was a key part of the organisation's Destination City initiative, to become "a seven-day a week destination".

Sharon Ament, director of the Museum of London, 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."

The museum will welcome its first visitors to preview events and a festival curated by Londoners in late 2025, and open to the public as a visitor attraction in 2026.

This new space will allow the museum to showcase more of its collection and be capable of hosting a broader range of displays, exhibitions, learning activities and events.

Through the project, the ambition is to reach every schoolchild in London, providing a world-class learning offer to help the next generation develop a deeper understanding of and appreciation for the great city they live in.