Go-ahead for £1bn London Olympia plans

Planners have given a £1bn scheme to transform London Olympia into a cultural hub designed by Thomas Heatherwick.

Deutsche Finance International and YOO Capital, which own the 132-year-old exhibition centre, submitted plans to Hammersmith & Fulham Council last summer to turn the 14-acre site into a destination with hotels and restaurants, plus performance venues and office space.

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 is due to start next year, with the first tenants moving in by 2023.

The project is expected to create more than 3,000 new construction jobs over the next five years. Key features of the project include:

• A 1,500-seat theatre
• A 1,000-seat performing arts venue
• Two hotels
• A four-screen cinema
• 670,000 sq ft of creative office space, including new co-working spaces
• Upgrades to the existing exhibition spaces exhibition and event centres
• A 200,000 sq ft logistics centre

Gavin Neilan, co-founding partner of DFI, 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.”

Chairman of YOO Capital 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.”