YOO Capital and Deutsche Finance International (DFI) have secured planning approval from Hammersmith & Fulham Council for a £1bn project to turn Olympia London into a cultural hub.
YOO Capital and DFI, the owners of the exhibition centre, submitted plans to the council in 2018 to transform the 14-acre site into a destination with hotels and restaurants, performance venues and modern office space.
Heatherwick Studio and SPPARC have been appointed to design and implement the project, which will also involve the creation of 2.5 acres of new public space.
Work on the project will commence in 2020 and the first tenants are expected to move in by 2023.
YOO Capital and DDFI are negotiating with some of the biggest names in entertainment and hospitality on taking space on the site and will announce the first commercial partners later in 2019.
The project is expected to create more than 3,000 construction jobs over the next five years in addition to 5,400 new jobs for the borough when the completion of the project.
The transformation is also expected to bring in an extra £9m per year in consumer spending to Hammersmith & Fulham.
The project includes a 1,500-seat theatre; a 1,000-seat performing arts venue; two hotels; a four-screen cinema; 670,000ft² of creative office space, including new co-working space; upgrades to the spaces to turn Olympia London into one of the top exhibition and event centres; and a 200,000ft² logistics centre.
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 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.”
Cushman & Wakefield and CBRE have been appointed as leasing advisors on the project.
DFI co-founding partner Gavin Neilan said: “We are delighted to announce that planning consent has been granted for our £1bn transformation of Olympia London and look forward to working with our partners to support the exhibition business and unlock the tremendous potential within the iconic estate.”
Image: Rendering of Olympia London cultural hub. Photo: Courtesy of Cushman & Wakefield.