Construction work will start next year for owners YOO Capital and Deutsche Finance International.
Hammersmith & Fulham Council has approved plans to turn the 14-acre site into a destination with leading hotels and restaurants alongside performance venues and office space.
Architects Heatherwick Studio and SPPARC are leading on the project design which will also see 2.5 acres of new public space created.
The project will create more than 3,000 new construction jobs over the next five-year build programme.
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 space
• Upgrades to the existing spaces to turn Olympia London into one of the world’s top
exhibition and event centres
• A 200,000 sq ft logistics centre
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.
“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.”
Gavin Neilan, Co-Founding Partner of DFI, commented: “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.”
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