A partnership between Peabody and Bow Arts will see the creation of a cultural hub in South East London's Thamesmead.
Aiming to attract artists, designers, makers and food entrepreneurs, the renovation of the Lakeside Centre will provide a wider partnership of events, education programmes, public art and affordable housing for cultural key workers.
The develop includes 40 new affordable workspaces for creatives from across the disciplines.
The project is funded by the Mayor’s London Regeneration Fund and is planned to open by April 2018. Creative workspace charity Bow Arts will manage the space.
Peabody’s executive director for Thamesmead, John Lewis, said, “our partnership with Bow Arts will bring this much-loved Thamesmead landmark back to life. The Lakeside Centre will be a very special place for residents to enjoy and will also help develop Thamesmead’s existing creative and entrepreneurial spirit and bring new businesses, jobs and visitors to the area.
"Alongside the other exciting changes taking place in the area, this will help Thamesmead fulfil its promise as London’s new town.”