Deutsche Finance International (DFI) and YOO Capital – which own the historic exhibition centre – submitted plans to Hammersmith & Fulham Council last summer to turn the 14-acre site into a destination with leading hotels and restaurants, plus performance venues and state-of-the-art office space.
Award-winning practices Heatherwick Studio and SPPARC are leading on the design and implementation of the project, which will also see 2.5 acres of new public space created.
Work will begin from next year, with the first tenants moving in by 2023. The project will create more than 3,000 new construction jobs over the next five years in addition to approximately 5,400 new jobs for the borough when it is completed.
Key features of the project include a 1,500-seat theatre, a 1,000-seat performing arts venue, two hotels, a four-screen cinema, 62,000m² of office space, upgrades to the existing spaces to turn Olympia London into one of the world’s top exhibition and event centres, as well as an 18,500m² logistics centre.
Co-Founding Partner of DFI Gavin Neilan commented: “We are delighted to announce that planning approval 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.”
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.