The first three tenants confirmed for the transformed Olympia London
The state-of-the-art live-music venue and two hotels will move into the £1.3bn regeneration scheme from 2023
John Hitchcox, co-founder of the prestigious Lakes by yoo private estate between Fairford and Lechlade and Chairman of Yoo Capital, has announced that Yoo Capital and Deutsche Finance International have secured the first three occupiers to commit to the £1.3 billion regeneration of Olympia London.
With construction work underway at the 14-acre site, completion of the new world-leading cultural destination is scheduled for 2023. Live entertainment company AEG Presents, global hotel group Hyatt and affordable luxury lifestyle and hotel brand citizenM have all signed long-term agreements to operate out of the west London venue four years ahead of its scheduled completion.
A 4,400-capacity state-of-the-art, purpose built live music venue, to be located above the existing west exhibition hall, will be run by AEG Presents and citizenM London Olympia, the brand’s fifth London destination, will feature 145 rooms, three society meeting rooms and an exciting interpretation of the citizenM Living Room in the historic listed Apex Room. Hyatt Regency London Olympia will deliver personalised and energising guest experiences, memorable dining and flexible places to work, collaborate and relax. It will feature 196 rooms and suites, four meeting rooms, a bar and deli and will be connected to a new restaurant to be developed in the historic Pillar Hall.
Yoo Capital’s Chairman, John Hitchcox, said: “It’s been a challenging year for the events, live entertainment, retail and hospitality sectors – but having these three partners on board is a real positive for London and a clear indication of confidence in both the city and this iconic landmark as a destination for culture and creativity. The Olympia project will give a real boost to the local economy, bringing in an extra £9 million per year in consumer spending to Hammersmith and Fulham, so we are very pleased to be taking another step towards the realisation of a new vision for this area.”
The £1.3 billion Olympia re-development will create a four-screen arthouse cinema; 1,500-seat theatre; restaurants; shops; cafés; hotels; a roof top entertainment area; VIP car park and 550,000 sq ft of office and co-working space. The Heatherwick Studio and SPPARC-designed project will also see the enhancement of the existing exhibition halls and 2.5 acres of new public space created.
Oliver Gardiner, Development Director at DFI, commented: “To have secured three such high-profile and recognised brands for Olympia against the current market backdrop, and four years ahead of completion, is a ringing endorsement of the enormous potential that is set to be unlocked through this project. Our plans are on schedule and it’s gratifying to have reached this milestone as we work to assemble a world-leading occupier line up.”
Already there has been critical acclaim for the project with The Times saying: “The stage is set for a return of Olympia to the heart of London’s music scene.” The Evening Standard endorses that comment with: “Major new music venue for West London in £1.3 billion Olympia redevelopment.”
The future looks bright for Olympia and the music/hospitality industry thanks to Yoo Capital and Deutsche Finance International involvement as investors in and developers of Olympia London. Steve Homer, CEO of AEG Presents summed up: “This is a very exciting opportunity. Olympia is steeped in British music history as far back as Jimi Hendrix in the 60s and we plan to create more iconic shows for London audiences.”