VISITORS can expect a 4,000-capacity music venue, theatre and dozens of restaurants at the brand new redeveloped site.
The vast £1.3 billion regeneration project is projected to bolster the UK economy according to new data by economic consultancy, Volterra.
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Olympia, located in West London, is undergoing a major redevelopment that will offer entertainment, culture, food, business and leisure spots for residents and visitors.
The project is expected to “inject more the £600 million” into the UK economy and attract an estimated 3.5 million visitors annually to the transformed venue.
Designed by Heatherwick Studio and SPPARC, visitors can look forward to a range of new attractions including a brand new 4,000-capacity music venue operated by AEG Presents and 1,575 seat theatre led by Trafalgar Entertainment – the largest purpose-built theatre in London in 50 years.
Two new hotels will be on-site, a 204-room Hyatt Regency and 146-room citizenM design hotel.
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A boutique fitness venue, office spaces and a co-educational senior school also form part of the major overhaul of the exhibition centre.
Additionally, over 30 food and drink outlets, including Idalia and Pepperbird, will be on offer alongside a 2.5-acre public space with year-round activities.
The historic site, first opened in 1886, will still operate as an exhibition venue, managed by Olympia Events, but will now be surrounded by a vast number of attractions.
The exciting new redevelopment is backed by Deutsche Finance International and Yoo Captial.
Lloyd Lee, managing partner at Yoo Capital, said the area will be a “driving force” in boosting the UK economy.
He added: “This new data confirms what we’ve always believed in: that strategic, long-term investment in culture and the creative industries delivers significant economic returns.
“Olympia stands as a key pillar of investment in the UK, reinforcing the substantial economic contribution of the nation’s cultural and creative industries and furthering ‘Brand Britain’.”
Overall, Olympia’s annual footfall is expected to reach around 10 million, including local residents, workers and diners on top of visitors.
CEO of Olympia Events, Andy O’Sullivan said that the redeveloped site will become a hub of activity, attracting a large proportion of London’s international visits.
The site will also “boost the UK’s tourism economy”, with high levels of visitor spending expected across the development.
He also highlighted that the new Olympia will “directly support approximately 7,000 jobs” and support an “additional 2,000 jobs in London and beyond” through supply chain and expenditure effects.
Residents were initially frustrated by the news of the Olympia redevelopment, with some locals fearing rising costs incurred by the mighty project, reported Condé Nast Traveller.
Locals were offered site tours of the vast expansion to ease their concerns and now believe the prospect of millions of visitors to the area will be better for business in the long-run.
Speaking about the project, Mayor of London, Sadiq Khan said: “The regeneration of Olympia is one of the most exciting projects in London, creating a fantastic, new music venue and theatre and giving one of the capital’s most famous exhibition spaces a 21st-century makeover for events such as London Tech Week.”
“This is exactly the kind of project that London needs – helping us to attract tourism, enhancing our cultural offer and delivering a huge boost to the economy.”
The newly developed Olympia will take a phased approach to opening, beginning later on this year.
The venue is expected to host around 800 events annually, encompassing entertainment, culture and business.
