Green Light for One Billion Pound Plan to Transform Olympia London
Council go ahead for 'arts, entertainment, events and creative business quarter'
The Hammersmith venue's owners, YOO Capital and Deutsche Finance International submitted plans last summer to turn the 14 acre site into a destination with leading hotels and restaurants, plus performance venues, cinema, state-of-the-art offices and 2.5 acres of public space.
The transformation is scheduled to begin from next year, with the first tenants moving in by 2023, and the owners say events will continue within Olympia during the works.
YOO Capital and Deutsche Finance International say they are are in advanced talks with some of the biggest names in entertainment and hospitality about taking space on the enhanced site and will announce the first commercial partners in the spring.
The project will create more than 3,000 new construction jobs over the next five years and around 5,400 new jobs for the borough when it is completed. The owners say it will also bring in an extra £9 million per year in consumer spending to our borough.
These pictures, from architects Heatherwick Studio and SPPARC Architects, offer a glimpse of what we can expect to see in 2023.
The planning application for the redevelopment of the 14 acre site envisages adding two new boutique hotels, co-working spaces and restaurants, including pop-ups and organic eateries, plus a four-screen arthouse cinema, a 1,000-seat performing arts space, a 1,500-seat theatre, performance and rehearsal space, a new jazz club-style restaurant and venue, shops, cafés, hotels and new public space including pedestrianised squares and a sky garden.
The historic façades on Olympia Way will be fully restored and spaces, such as the historic Pillar Hall,
will be opened to the public.
The full application can be found here.
A second application for redevelopment of land and buildings east of Olympia Way, can be found here.
YOO Capital Chairman John Hitchcox said: "Not only is this great news for London –it’s also an example of a British project with European investment creating jobs and opportunities in spite of the current economic and political climate.
"We are proudto announce this plan and press 'Go' on a £1bn project that will transform Olympia London into a global force in arts, entertainment, exhibitions and events.
"We will achieve all of this with minimal disruption to the hundreds of inspirational events that will continue to take place at Olympia London during the transformation."
The exhibition centre was sold to the consortium by Earls Court developer Capco in the spring of 2017 for £296 million.
Olympia, which first opened its doors in 1886, is currently host to 1.6 million visitors at both trade and consumer shows and exhibitions, but the owners say they are hoping to transform it into a "year-round destination in its own right."
For further details of the new plans, visit Olympia London Future and Olympia London Share the Future.
February 1, 2019
