A huge underground gallery promised to host "museum-standard" exhibitions by world-renowned artists is set to open in Croydon town centre.

The 2,000sqm subterranean space, in the bowels of a redeveloped Fairfield Halls, is planned to open in 2019.

The blueprints propose converting part of the theatre complex's underground car park into a "cutting edge" art space.

Kevin Zuchowski-Morrison, who owns Rise Gallery in nearby St George’s Walk, said he began discussing the project with Croydon Council on October.

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He hoped the new gallery would enable Croydon to host major exhibitions by the likes of Andy Warhol and Jean-Michel Basquiat.

He said: "Some of our shows, we haven't got the capacity. It's always been my ambition to do something like this.

"We are the biggest borough in London but we haven't got anything along those lines of that standard."

An artist's impression of what the gallery might look like. Photo: Rich Mather Architects

The gallery boss, who has already brought work by Banksy and Damien Hirst to the borough, added: "It's not unknown to convert a car park into an art space - there's one in Berlin, there's one in the States. [And] there's this massive subterranean landscape in Croydon."

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Croydon Council leader Tony Newman, who last year claimed the redeveloped Fairfield Halls could "outdo the South Bank," today suggested the underground gallery could compete with the Tate Modern.

He said: "This will be London's premier underground gallery, but it's part of a wider renaissance of the Fairfield Halls.

"Why wouldn't some of the collections that premiere at the Tate Modern premiere in Croydon [instead], or at least in partnership with Croydon?"

The gallery's design, which is being developed by architectural firm Rick Mather, would "respect the brutalist design of Croydon" in a style similar to the Tate Modern's famous Turbine Hall, Mr Zuchowksi-Morrison said.

He added: "It will look like a car park - I want to keep the floors looking like it was."

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The gallery owner was coy when asked about potential funding sources for the project or how much would be needed to make it a reality, adding: "I would like it to be privately funded by myself. I don't really want to take money away from the Fairfield development."

The gallery also does not yet have a name, although "Substratum" is among those being considered.

He said: "[The name] is probably the hardest thing - it's quite important. It's something that's going to last a long time."

The council said the gallery proposal was in its “very early stages” and did not form part of the £30m redevelopment of Fairfield Halls.

But Cllr Timothy Godfrey, cabinet member for culture, leisure and sport, said: “In creating what could be the biggest underground gallery in London, Croydon Council aims to build on the success of the growing urban arts scene within Croydon and provide a flexible facility that will support a variety of community groups and arts events."

Fairfield Halls will close its doors on July 15 for more than two years to allow for the £30m redevelopment, despite a vocal campaign from its management, staff and Conservative opposition councillors, who wanted parts of the theatre complex to remain open during the work.

The Fairfield project is part of a wider £750m scheme to regenerate the area around College Green.

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