London mayor Sadiq Khan has set out a £1.1bn vision for East Bank at Queen Elizabeth Olympic Park – a brand new masterplan for the former ‘Olympicopolis’ cultural scheme.

The waterfront site has been redesigned by architects Allies and Morrison, O’Donnell + Tuomey, and Camps Felip Arquitecturia, following detailed public consultation.

Envisioned as “a new powerhouse of culture, education, innovation and growth,” the project was first planned to secure the cultural legacy of the London 2012 Olympics through art and learning.

Inspired by the success of the South Bank, it will provide a home for cultural institutions including Sadler’s Wells, the London College of Fashion and the V&A.

There will also be a new home for the BBC Symphony Orchestra & Chorus and BBC Singers along with recording studios.

The government has secured £151m for the project, and the mayor’s office is providing £385m.

“Great cities are defined by their ambition as much as their achievements - East Bank is the most ambitious new project of its kind for decades,” said Khan. “I have made culture, innovation and growth a top priority, and as London’s centre of gravity extends east, I’m delighted that we’re placing culture and education at the heart of this development and the Olympic legacy.

“My vision for East Bank is one where everyone, regardless of their background, can access world-class culture and education on their doorstep. East Bank is a fantastic collaboration of interdisciplinary work and world-class institutions that will drive forward growth and inspire more young Londoners to take up creative careers, transforming the communities of east London.”