The £1 billion redevelopment of Olympia, led by YOO Capital and Deutsche Finance International, has been given approval.
Hammersmith & Fulham Council has backed the plans for the 14-acre site drawn up by Heatherwick Studio and SPPARC which will also see 2.5 acres of public space.
The partners said the development of will begin from next year, with the first tenants moving in by 2023.
YOO Capital and Deutsche Finance International confirmed in a statement that they are “in advanced talks with some of the biggest names in entertainment and hospitality about taking space on the 132-year-old site and will announce the first commercial partners in the spring”.
They estimate the project will create 3,000 construction jobs over the next five years in addition to 5,400 jobs for the borough when it is completed. It will also bring in an extra £9m pa in consumer spending to Hammersmith & Fulham.
Key features of the project include: A 1,500-seat theatre; 1,000-seat performing arts venue; two hotels; a four-screen cinema; 670,000 sq ft of creative offices, including co-working space; upgrades to the existing spaces to turn Olympia London into one of the world’s top exhibition and event centres; a 200,000 sq ft logistics centre.
Gavin Neilan, Co-Founding Partner of DFI, said: “We look forward to working with our partners to support the exhibition business and unlock the tremendous potential within the iconic estate.”
Chairman of YOO Capital 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 proud to 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.”