Images released today (27 July) have given a first proper look at how the cultural attractions planned for London’s Stratford Waterfront are set to look.

Architecture studios Allies and Morrison, O’Donnell + Tuomey and Arquitecturia are designing a series of new facilities for the waterfront in the Queen Elizabeth Olympic Park as part of the Olympicopolis cultural and educational development.

The new renderings reveal how the following three venues are set to look:

• A new outpost for the Victoria & Albert Museum – which will share an exhibition space with Smithsonian Institute. The 18,000sq m (193,750sq ft) museum will explore art and design in the digital age.

• A new branch of London's Sadler's Wells to include a 550-seat theatre and hip hop academy.

• A new College of Fashion campus for the University of the Art’s London, which will provide education and display space for 6,500 students.

An outline planning application for the waterfront is expected to be submitted in December 2016. Building work is expected to begin in 2018 with the site due to open in 2020/21.

According to the London Legacy Development Corporation, the scheme will create around 3,000 jobs, attract 1.5 million visitors a year and deliver a £2.8bn (US$3.7bn, €3.3bn) boost to the surrounding economy.

The corporation’s executive regeneration director, Rosanna Lawes, said: “In a few short years we will see not only a new cultural and education district in east London with some of the world’s leading institutions sitting in the heart of the Park, but new neighbourhoods and business districts and hugely successful sporting venues delivering on the legacy promises made for the 2012 Games.

“This is the perfect illustration of how London is open, and will remain so.”