The £1bn Olympia London redevelopment project in the UK has been approved by the Hammersmith & Fulham Council.
According to the plans submitted by Olympia London’s owners YOO Capital and Deutsche Finance International, the exhibition centre will be redeveloped into a cultural hub that will be a new home to arts, entertainment, events and creative business activities.
Post-development, the 14-acre site will comprise hotels and restaurants, performance venues and office areas.
Heatherwick Studio is handling the design and implementation of the project in collaboration with London-based architectural firm SPPARC. The project will also include the creation of 2.5 acres of new public space.
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.
Heatherwick Studio will also upgrade the existing spaces to develop Olympia London into a major exhibition and event centre.
During the construction phase, the project is expected to create more than 3,000 new construction jobs over the next five years as well as 5,400 new local jobs upon completion.
Cushman & Wakefield and CBRE have been selected to serve as the leasing advisers on the project.