F1 Arcade will feature 60 motion F1 simulators aimed at giving fans of the sport their chance to live out their racing fantasies.
The venue will open its doors on November 24.
"We are very excited to introduce F1 Arcade, a brand-new premium entertainment venue that everyone can enjoy," said Brandon Snow, Managing Director of Commercial, Formula 1.
"F1 Arcade is an ambitious project that will allow people to get even closer to the Formula 1 experience by giving guests the chance to get behind the wheel of bespoke racing simulators in stylish surroundings with a high-quality hospitality offering.
"Kindred Concepts and Formula 1 have worked tirelessly to ensure F1 Arcade will provide everyone who visits, fans and non-fans alike and regardless of age or ability, an incredible premium experience."
The venue will cater for a wide range of occasions, including a night out with friends, family experiences, or corporate events.
F1 Arcade was created by Adam Breeden, who is also the man behind some of London's most successful entertainment venues, like Flight Club, Puttshack, and All Star Lanes.
"We are thrilled to offer the first of these premium and exclusive entertainment experiences right in the heart of London," said Adam Breeden, Founder and Chief Executive Officer of F1 Arcade.
"It has been my most ambitious project to date, taking everything we know about competitive socialising venues and adding the strength of the Formula 1 brand.
"This is all the glamour of a Grand Prix weekend in your city, all year round. The cutting-edge technology, high-class food and beverage, coupled with a jaw-dropping venue design sets a new level of quality."