London is to get a new 900-seat theatre, headed by former bosses of the National Theatre, Nicholas Hytner and Nick Starr.
The site at Tower Bridge will be the base for the pair's new London Theatre Company, and is expected to open in spring 2017.
It was originally set to accommodate the Royal Opera House during the renovation of its Covent Garden home, and forms part of a Berkley development, which also includes restaurants and cafes.
Hytner said: “While London is fortunate in its heritage of Victorian and Edwardian theatres, relatively few new theatres of scale have been built in London in the last hundred years. It feels like the time is right for a new theatre that answers the needs of contemporary theatre-makers and audiences, and which will be the home to our new independent producing company.
"We’re going to make shows that are both challenging and popular. We know there’s a large audience which responds to new work that is ambitious and stimulating; and the more adventurous it is, the more popular it turns out to be."
He added the pair are "actively exploring other venues" and hope over the next few years to be able to open a number of new independent theatres.
Hytner is one of the most-acclaimed directors of the National Theatre in recent times, responsible for bringing shows such as The History Boys, The Curious Incident of The Dog in the Night-time, War Horse and One Man, Two Guvnors. He stepped down in March. Starr was the theatre's executive director from 2002-2014.