A 2,000 capacity theatre is to open in Wembley Park this autumn as part of regeneration plans.
The venue, run by Troubador Theatres, will feature a flexible performance space, as well as a modern bar, restaurant and open-air terrace.
The Troubadour is part of an 85-acre redevelopment of Wembley Park, including 27 affordable artist studios and 7,000 new homes.
The company said the theatre's flexible space would "break the mould".
Troubador representatives promised "a modern venue for modern audiences and producers alike," located inside the former Fountain Studios - once home to numerous TV shows including The X Factor.
The theatre's versatility will make it suitable for a wide range of shows - from traditional proscenium arch theatre to in-the-round theatrical experiences and immersive shows.
"It will encourage theatrical producers to think big, offering them an affordable alternative space to present bold and ambitious shows," the statement added.
The company's involvement follows the success of its award-winning King Cross Theatre prior to closure in 2017.
The two temporary 1,000-seat venues housed the Olivier Award-winning production of The Railway Children, Lin-Manuel Miranda's In The Heights, David Bowie's Lazarus and the Donmar's Shakespeare Trilogy.
Details of the first production at the Troubador Wembley Park will be announced in the coming months.