The London Nautical School in Stamford Street has been included in the Big Lottery Fund's £750 million New Opportunities for PE and Sport programme.
London Nautical School's headteacher Gordon Wilson said: "This is wonderful news, not only for The London Nautical School but also for our local community. This [facility] will bring sporting vitality to an area of London which is in great need of this development."
For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.