Southwark Council has appointed a new operator for Canada Water Theatre, the performance space in the Piers Gough-designed Canada Water Library.
Theatre Peckham will take over from Deptford's The Albany, which has managed and programmed the space for the past 11 years.
The new operator of the 150-seat space plans to rebrand the theatre as an artist development hub.
It aims to create free research and development opportunities for Southwark-based creatives, offer free rehearsal space for artists performing in the Peckham Fringe festival and Theatre Peckham's Young, Gifted & Black programme, and create affordable rehearshal space for companies based outside Southwark.
It will also facilitate hires for local community groups.
Councillor Catherine Rose, Cabinet Member for Leisure, Parks, Streets and Clean Air, said: “The new direction of the space reflects our ambition not just to platform local artists and theatre-makers, but to cultivate their talents and provide them with the resources to hone their practice and make a living."
Artistic Director and CEO of Theatre Peckham Suzann McLean said: "The venue will provide a much-needed space for Southwark artists to come together and collaborate on projects, be a resource for sector-wide theatre companies seeking a performance space, and continue as a community hub for local groups.
"This opportunity will allow us to further our commitment to artistic excellence, social change, and community connections."