Access All AreasOpening in phases later this year, Olympia London will benefit the UK eceonomy by more than £600 million and attract 3.5 million people to events per year, according to economic consultancy Volterra.
The £1.3bn redevelopment of the 139-year-old Olympia London venue, owned by Yoo Capital and Deutsche Finance International, will result in the opening of a huge exhibition facility along with an AEG Presents-operated, 4,000-capacity, purpose-built live entertainment venue above the exhibition hall. Meanwhile, Trafalgar Entertainment has taken on a 70-year lease to run a new 1,575-seat theatre in the complex.
Olympia London is expected to host around 800 events annually and Volterra has projected total event-related spend will reach £1.3bn, including associated expenditure such as accommodation and transport.
Designed by Heatherwick Studio and SPPARC, the transformed destination will also accommodate citizenM and Hyatt Regency hotels, a fitness venue by 1Rebel, 550,000 sq ft of office spaces and a 2.5-acre public space that is expected to be programmed with year-round activations.
“Olympia will be a driving force in bolstering the UK’s economy. 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,” said Yoo Capital managing partner Lloyd Lee.
“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,” said Mayor of London Sadiq Khan.