Laing O’Rourke has signed a £600m main works contract with Yoo Capital and Deutsche Finance International (DFI) for the 14-acre redevelopment of the Olympia exhibition site in London.
The agreement triggers a beginning to demolition of Olympia Central and comes after the signing of international live entertainment business Trafalgar Entertainment as the tenant for the site’s new 1,575-seat theatre, agreeing a lease for 70 years.
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Yoo Capital and DFI are together the investors in and developers of the £1.3bn cultural regeneration of Olympia.
Work is set to start on seven new buildings, including the citizenM and Hyatt Regency hotels, in addition to the 4,400-capacity live music venue that will be run by AEG Presents. It is slated for completion in 2024.
As part of the works, Olympia Central Hall will be demolished while the Grade II listed Olympia National and Olympia Grand structures will be incorporated into the site’s overall redevelopment.
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Using Laing O’Rourke’s Design for Manufacture & Assembly capability, the walls and floors of the buildings, and a major proportion of the M&E services, will be manufactured offsite in its Nottinghamshire and Oldbury plants.
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By GlobalDataThe developers expect a total of 80,000m³ of bulk excavation at the site. The construction is set to make use of a total of 13 tower cranes and ten hoists.
Yoo Capital managing partner Lloyd Lee said: “Olympia Central first opened in 1930 and now we bid farewell as we usher in an exciting new era for the site and London as a whole.
“Despite the challenges of the Covid-19 pandemic, works are well on schedule. In fact, from a construction perspective, we have been really fortunate and have taken maximum advantage of the exhibition areas being vacant so everyone on site has been able to spread out and maintain social distancing.”
Further development elements are currently underway and various enabling works have already concluded.
A new energy centre is nearing completion, while structural strengthening to the West Hall exhibition space will be completed in the coming weeks.
Foundations for the theatre building and Olympia Roof Garden have also started.
Meanwhile, Yoo Capital and DFI have signed an agreement with Trafalgar Entertainment to run the site’s new theatre.
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Structural strengthening to the West Hall exhibition space will be completed in the coming weeks. Credit: régine debatty.
