YOO Capital and Deutsche Finance International given go ahead for £1 billion Olympia London development plans

YOO Capital and Deutsche Finance International have obtained approval from Hammersmith and Fulham Council to carry out £1 billion of development at Olympia London, to turn the iconic exhibition and conference centre into a new cultural district and creative hub with a host of new spaces and purposes.

The new functionalities including a 1,000-seat performing arts venue, 1,500-seat theatre, community rehearsal spaces and four-screen arthouse cinema, as well as two hotels and 670,000 sq ft of creative office space, including new co-working space, and a 200,000 sq ft logistics centre that will reduce congestion on the roads around the site by 70%.

One of London’s first cinemas, the 14-acre site has been a bastion of British arts for 130 years — putting on over 200 events and welcoming 1.6 million visitors every year. Led by Heatherwick Studio and SPPARC, the new development plans are looking to open up the venue to the whole community, with the creation of public spaces that can be accessed without an entry ticket, and 2.5 acres of pedestrianised squares and streets, as well as a sky garden.

A primary focus of the project is the celebration of Olympia London’s distinguished 130-year legacy. In addition to the creation of state-of-the-art spaces and facilities, the historic facades on Olympia Way will be restored, and notable spaces such as Pillar Hall will be opened to the public.

The scheme will create more than 3,000 new construction jobs over the next five years while work is carried out, in addition to approximately 5,400 new jobs and £9 million per year in consumer spending for the borough once the development has been completed. Construction is due to begin in 2020, with the intention of moving the first tenants in by 2023.

Gavin Neilan, co-founding partner of DFI, said: “We are delighted to announce that planning consent has been granted for our £1 billion 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.”

Commenting on the approval to proceed, chairman of YOO Capital John Hitchcox explained: “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 £1 billion 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.”

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