Yoo Capital have revealed their plans for the £1bn redevelopment of Olympia, which they acquired for £296m from Capco in 2017.
The masterplan, designed by Thomas Heatherwick and SPPARC, aims to turn the 130 year old exhibition centre into a leading cultural centre. It includes a 1,500-seat theatre, another performing arts venue, a cinema and a conference centre, as well as two hotels, a co-working office and studio block, restaurants, and 2.5 acres of new public space alongside and above the existing buildings.
The listed main halls will be refurbished, and have mezzanine levels added to make them more competitive in the modern event world. Deliveries and logistics will be shifted to the basement level, freeing up the goods yard areas for redevelopment.
A planning application is expected to go to Hammersmith and Fulham council in September 2018.
Olympia plays host to around 220 events each year.
John Hitchcox, Chairman of Yoo Capital, said: “As caretakers of Olympia London, we are investing to protect this iconic site and promote it on the global stage as a world-leading destination for the creative industries. These proposals reflect consultations and discussions with our community to ensure we create an exciting and inspirational venue with unparalleled facilities.”
Gavin Neilan, Co-Managing Partner of Deutsche Finance International said: “This is an exciting time for Europe’s exhibitions and events industry, with cities such as Frankfurt and Paris investing in its sites and continued annual growth across the creative industries. This investment heralds a new era in Olympia London’s history with the opportunity to set itself apart on the global stage.”
Nigel Nathan, MD, Olympia London said: “Olympia London has an industry-leading reputation as the home of inspirational events. This extraordinary investment will ensure our visitors, event organisers and exhibitors continue to have the best experience possible for years to come.”