The Delfina Studios in Bermondsey Street have been sold to developers Great Portland Estates for £8.1 million.
The buildings comprise 38,000 sq ft of B1 studio and warehouse space on a 0.6 acre site. They currently house a number of artists' studios and a popular restaurant on the ground floor.
GPE say that a planning application will be submitted shortly for a refurbishment and partial new build development to provide 49,000 sq ft of offices, retail and restaurant space with completion scheduled for autumn 2008.
"The current set of resident artists came to the end of their awards in September this year and will be moving on," Delfina's co-founder Digby Squires explained to the London SE1 website. "The Delfina Studio Trust will continue its programme of helping artists with their studio costs at other locations around London by direct grants."
He added: "Great Portland Estates are very keen to support the continuation of the Delfina Studio Cafe. The restaurant will continue to operate as before for the foreseeable future, opening for lunches throughout the week and for dinner on Friday evenings."
GPE chief executive Toby Courtauld said: "Delfina joins the Group's extensive near-term programme and provides us with an opportunity for some creative redevelopment, from a low entry cost, in this rapidly improving part of the capital."