The British Empire and Commonwealth Museum's (BECM) London-bound collection has its eye on a site opposite the Tower of London.

Gareth Griffiths, the director of the BECM in Bristol, which closed to paying visitors in the autumn, confirmed that it was one of three organisations being considered for the Potters Field development on the south bank of the Thames.

"We are shortlisted as one of the cultural institutions to be housed on the ground floor of the property development," said Griffiths. "It's a fantastic site and a huge opportunity, with the existing cultural buildings."

A decision will be made this month, and the building is expected to open by 2012.