The Museum of London has revealed the designs for its new home in West Smithfield, with the development scheme laying out a 24-hour cultural hub in the heart of the British capital.

Described as one of the largest cultural projects in Europe, the design process has been led by Stanton Williams and Asif Kahn, with Julian Harrap Architects also involved.

Celebrating the existing architecture of the Westfield site, which is derelict and in desperate need of renovation and repair, the £262m (US$330m, €292m) development will offer more exhibition space, with exhibits making use of the historic buildings both above and below the ground.

"As people will see from our latest design concepts, the new Museum of London will be a totally porous space available night and day to welcome all of London’s visitors," said Sharon Ament, director of the Museum of London

"We’ll showcase the London Collection, our seven million objects, and tell the story of London and Londoners in some of the best examples of British architecture in the city. An integral part of the Culture Mile, the new museum will educate with a world-class learning centre, inspire through our high-impact exhibitions and be a space where people come together to relax and reflect in the centre of everything."

The City of London Corporation is contributing £192m (US$241.4m, €213.8m) to the scheme, with Sadiq Khan pledging a further £70m (US$88m, €78m) – the largest cultural investment made by any London mayor in history.

Visitor figures at the Museum of London have more than doubled in recent years and continue to grow. The move is expected to create an additional 5,000sq ft (464.5sq m) of space, with the aim of reaching two million visitors per year. The aim is to submit a planning application by the end of the year, with an opening date expected for 2024.