Memorial to Queen Elizabeth II was opened. It is just a few minutes walk from Buckingham Palace

A new national memorial in honour of the late Queen Elizabeth II has found its future home.

The British government said on Saturday that the memorial would be erected in London's St. James' Park, which has “historical and constitutional significance as well as a personal connection to the late monarch.”

“The memorial will not only be a fitting monument, but will also provide a space for contemplation and community. It will be of an appropriate size and ambition to reflect the influence of Queen Elizabeth II on national life, the Commonwealth and the rest of the world,” the government said in a statement.

The memorial's location is close to the ceremonial route of The Mall and Buckingham Palace, the residence of her son King Charles III. It is also near statues of the late monarch's parents, King George VI and Queen Elizabeth The Queen Mother.

Thanks to its location, tourists visiting Buckingham Palace are only a short walk from the monument commemorating Britain's longest-reigning monarch.

Prime Minister Keir Starmer said the “enduring legacy of The Queen's service and devotion to our country will never be forgotten.”

“The National Memorial will be built in St James's Park, right in the heart of the capital, and will provide a place for all to pay their final respects to the late Queen and connect with the shared history that is so dear to our hearts,” he added.

The memorial will take the form of a statue or sculpture, but the final design is expected to be unveiled on Elizabeth's 100th birthday in 2026, CBS News partner BBC reported.

There will be further memorial projects in Scotland, Wales and Northern Ireland.

Sunday marks the second anniversary of the death of Elizabeth II, who spent 70 years and 214 days on the throne. She is buried in the King George VI Memorial Chapelwhich is located in the larger St. George's Chapel in Windsor.