A £1bn project to give Olympia London an extensive overhaul has been approved by the Hammersmith & Fulham Council.
Plans unveiled outline how the site will be transformed into a ‘cultural hub’ that will comprise new arts, entertainment, events and creative business activities, including hotels and restaurants, performance venues and office areas.
The proposal has been submitted by Olympia London’s owners YOO Capital and Deutsche Finance, with Heatherwick Studio handling the design and implementation in collaboration with London-based architecture firm SPPARC.
The existing spaces will also be develop to upgrade Olympia London into a major exhibition and event centre.
Work on the project is set to commence next year, with the first tenants expected to move in by 2023.
The site owners are negotiating with companies in the entertainment and hospitality sectors to offer space on the enhanced site.
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 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 venue will house a 1,500-seat theatre, a 1,000-seat performing arts venue, two hotels, a four-screen cinema, and a 200,000ft² logistics centre.
The project will also have 670,000ft² of creative office space, including new co-working space.