Museum to open in London costing £437m that will see live trains zip through

A museum is set to open in London costing an eye-watering £450 million that will see live trains zip through galleries.

The Museum of London is relocating from the Barbican to old market buildings in Smithfield and will revert to its former name, the London Museum.

The original £337 million budget for the museum’s relocation from its former base has soared by 30% since 2022 to £437 million.

The half of the museum located in Smithfield’s 19th-century General Market building, where most of the historic collections will be exhibited, is due to open on schedule in 2026.

The half that will be housed inside Smithfield’s Poultry Market is now not set to be complete until as late as 2028 – up to two years behind schedule. 

London Museum director Sharon Ament said: “We are steaming ahead to deliver a transformative, world-leading museum that will be worthy of this great global capital.”

An additional pledge of £50 million from Sadiq Khan and the City of London Corporation brings the mayor’s overall contribution to £95 million and the City of London Corporation’s to £222 million.

The museum has set its own fundraising target of £100 million, with £45 million far secured “through private donations, sponsors and philanthropy”, the venue said

It said in September that it was looking at “green loan opportunities” to secure the remaining £20 million to reach the £437 million target.

Christopher Hayward, policy chairman of the City of London Corporation, said the new museum would be a “cultural and economic cornerstone” of London as a “destination city”.

Sadiq Khan said he was “proud” to be an “integral” part in the museum’s creation.

The museum said its work would “preserve the historic Smithfield Market buildings for generations to come”.

Highlights will include a new home for the Cheapside Hoard, a contemporary gallery including objects collected during the pandemic. It will be the only museum in the world with live trains zipping through the galleries.