The Museum of London has set out its plans for a new cultural destination in the city.

A planning application has been submitted to the City of London Corporation to redevelop market buildings in Market Buildings to make way for the new space.

This new museum will incorporate the markets' cavernous and atmospheric spaces that exist both above and below ground to serve as display, exhibition, learning and events space. Designed by the architectural team of Stanton Williams and Asif Khan with Julian Harrap Architects, it will also preserve a lot of the historic fabric of the old market buildings.

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Sharon Ament, Director of the Museum of London, said: "This is an important milestone for the project, as we formally set out our plans to transform the West Smithfield site and in doing so transform the idea of what a museum can be. It has been four years of hard work by a dedicated and talented project team in order to get here and, while we still have a while to go and money to raise before we open the doors to the new Museum, this is nevertheless a significant step forward to turning our vision into reality."

Paul Williams OBE, Principal Director at Stanton Williams, added: "The opportunity to help reinvent, reimagine and transform a group of existing Market Buildings into a 21st century museum is an extraordinary opportunity – especially in an area of London so rich in history. Smithfield is a perfect location for the Museum of London, the place itself has so many stories to be told, and traces of the past to engage with."

The City of London Corporation will now assess the application, before its elected Planning and Transportation Committee take a decision on whether to approve the plans later this year.

(CM/MH)