The plans, dubbed Olympicopolis by London mayor Boris Johnson, include new campuses for University College London and the University of the Arts London, a new Sadler’s Wells dance theatre, and second London exhibition space for the Victoria & Albert Museum.

Johnson, said: “ It is absolutely fantastic that the Government has confirmed funding for this ambitious project to the tune of £141m, enabling us to progress with detailed plans for its delivery.

“This is an important milestone in our plans to realise a legacy from London’s 2012 Games that reaps economic and social dividends to last for generations to come.

UCL has set aside up to £270m for its campus in the park, and hopes to have some buildings and activities up and running by 2018.

UCL East will provide 1.3m sq ft of space including the university’s first School of Design.

The University of the Arts London is planning a new 300,000 sq ft campus that will include two major research centres focusing on sustainability and innovation in the fashion industry. 

V&A E20 will occupy a new 200,000sq ft building for the museum’s collections, while Sadler’s Wells aims to build a 600 seat dance theatre and facilities for a Choreographic School, and for a Hip Hop Academy.