The Design Museum has confirmed the sale of its current home at Shad Thames to Zaha Hadid Architects.
The sale of the former banana warehouse paves the way for the Design Museum's relocation to the former Commonwealth Institute building in Kensington High Street in 2015.
The Design Museum's lease at Shad Thames belongs to the Conran Foundation who also paid for the museum's original design and construction. The Conran Foundation will donate the proceeds from the sale towards the construction of the new museum.
The Conran Foundation put the building up for sale in October 2011.
The Design Museum has occupied the current building since 1989 and will continue its programme of exhibitions until the new museum opens.
"Whilst we are sad to be leaving Shad Thames we are leaving the building in the best possible hands, the sale is a significant moment in the museum's relocation plans and a substantial contribution towards our new home," said Deyan Sudjic, director of the Design Museum.
Zaha Hadid added: "This important acquisition of the Shad Thames site will preserve its significance and we look forward to the future use and occupation of the building."
It is understood that Hadid's firm will store its archive in the building and use part of the space for public exhibitions.