LONDON.- London Museum (formerly known as Museum of London) has today announced a new pledge of £50 million from its principal funders the City of London Corporation and the Mayor of London, Sadiq Khan. The contribution of £25 million each will go towards the creation of its new home – a sustainable and world class development in the historic Smithfield markets. It will be supported by an additional £30 million in fundraising by the museum. The funding will help realise the overall budget of £437 million for the new museum.

Designed by Stanton Williams and Asif Khan, working with conservation architects Julian Harrap, the new London Museum is one of Europe's largest cultural infrastructure projects and will preserve the historic Smithfield Market buildings for generations to come. The formerly derelict Victorian General Market, home to the museum’s permanent galleries, will open in 2026 showcasing more of its internationally important collection than ever before. The Poultry Market, set to house the museum’s world-class learning centre, temporary exhibition spaces and collection stores, will open in 2028.

The new pledge will help the museum realise its full vision for the site, bringing 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 will explore green loan opportunities to achieve the remaining £20 million towards its £437 million target.

Substantial restoration efforts and early works in the General Market are already complete and work is underway to frame the internal spaces that will house the museum's permanent galleries. In 2023, a three-metre-wide glass oculus was craned in to become the centrepiece of the General Market’s dome roof, and the four-year-long restoration of the Poultry Market’s copper roof was successfully completed by hand by coppersmith Chris Johnson (83yrs), an apprentice on the original 1960s build. Having gained vacant possession of the Poultry Market in September 2023, interior restorations are now underway, including work to connect the ground floor and basement levels. The ground floor will house two state-of-the-art 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.

Director of London Museum, Sharon Ament said: “Thousands of Londoners are helping to shape this fantastic new museum which will not only explore our city’s rich history but the people and places that make it such a vibrant place to be. With the generous support of the GLA and the City of London Corporation, alongside our other funders and supporters, we are steaming ahead to deliver a transformative, world-leading museum that will be worthy of this great global capital.”

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 is one of the biggest cultural projects in Europe and will be a brilliant addition to London’s world-leading cultural sector. 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 said: “This additional funding marks a positive milestone for the new London Museum. I have always said we are committed to working with London Museum to explore other funding opportunities, so I am very pleased we are able to confirm this new tranche of funding. The new London Museum is a cultural and economic cornerstone of 'Destination City'. 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.”

The news follows a visit earlier this week by London Museum’s new Patron HRH The Duke of Gloucester. Formerly a practising architect, The Duke was given a tour of the Smithfield site by Director of New Museum Project and Estate, Alec Shaw and Principal Director at Stanton Williams, architect Paul Williams.

London Museum will play a key role in the transformation of Smithfield, opening early and closing late to reflect London’s 24-hour character. The landmark site will become one of the city’s top visitor attractions at the heart of a dynamic new cultural quarter. Housed within historic market buildings, London Museum will welcome over 2 million people each year, of which half will be tourists. It will support economic growth, local businesses, and employment, contributing an estimated £565m in GVA (Gross Value Added) within 10 years of opening. Through its learning centre, it will seek to engage every London schoolchild. Increased gallery space will enable visitors to enjoy more of its 7 million strong collection than ever before.

Sustainability is at the heart of the new museum, with both the construction and the continued operation of the building designed to be as environmentally friendly as possible. 70% of the site’s existing fabric will be preserved and recycled whilst operational carbon will be reduced through the use of smart technologies that lower energy requirements and monitor and improve performance over time. An attenuation tank lying three meters beneath the basement floor will also store surface and rainwater to guard against flood risk and be re-used for non-potable purposes such as flushing toilets.

Already more than 70,000 Londoners have been involved in the shaping and creation of the new museum – from the design of inclusive and welcoming public spaces, to collecting objects, and working with the museum team to create future displays. This number is set to rise to 100,000 by completion.