The London Legacy Development Corporation is preparing to fire the starting gun in the next few months on several big bid races for the proposed cultural and education district development at Queen Elizabeth Olympic Park.

The huge scheme will be broken up into five major design and build contracts covering a new V&A for east London, a 600-seat theatre for Sadler’s Wells and London College of Fashion complex on one site and a major new campus for University College London on another.

Under present plans building work is due to start on both the UCL East and Stratford Waterfront sites in 2018 with building openings planned in 2020/21.

Construction costs on the Waterfront site containing the new V&A, Sadlers Wells and London College of Fashion are estimated at £850m alone, while UCL plans to spend £1.25bn on its East campus and refurbishing parts of its central London Bloomsbury campus.

The design of Stratford Waterfront is the work of a team of renowned architects, designers and master planners led by Allies and Morrison, including RIBA Royal Gold Medal winners O’Donnell and Tuomey, and Arquitecturia.