The money will be used to begin the next step of the Grade II listed building’s regeneration project. The main focus will be repairing the south terrace, the roof of its victorian theatre and parts of the building next to the ice rink.
It will also fund the venue's conservation management plan from Donald Insall Associates, whose work includes advising Historic Royal Palaces on repairing Hampton Court’s Wolsey Chimneys.
The venue told Event dates for the repair work haven't yet been confirmed and that it would ensure it takes place alongside events.
Alexandra Palace was built in 1873 and holds music, sport and cultural events and exhibitions. It .
Matt Cooke, chair of Alexandra Park and Palace’s Trust, said: "2012 is a huge year for us; we have just hosted the World Darts Championship and The Masters Snooker tournament and this summer we will host the Olympic torch as well as becoming the venue for Holland Heineken House."
He added: "Although in the very early stages of regenerating this magnificent heritage property, with further investment and careful stewardship we are very optimistic that we will be able to achieve our ultimate goal to develop and enhance this fantastic cultural destination and resource for the local community, Londoners and visitors from across the world."
The venue's major regeneration programme began last year – the ice rink was given a £2.3 million refurbishment to transform it into a sports and leisure facility.
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