It will be edited by Dominic Wells, who was editor of listings title Time Out for seven years until 1998.
Food, shopping and family events are to be cornerstones of the new magazine, which will also carry entertainment information compiled by PA.
Wells said: 'I would welcome information about shopping in London: sales, openings, product launches and interesting stores. Everyone likes a deal, so we will also be featuring "cheap chic", although value, rather than "bargain", is the watchword. We will also be big on kids' stuff and family events.'
After leaving Time Out, Wells was editorial director and editor-in-chief of AOL before moving to The Times to edit its arts and TV supplement, Play.