London will gain a brand new music venue as part of a huge renovation of West London exhibition centre Olympia.
Olympia was acquired by Yoo Capital and Deutsche Finance International for €330 million in 2017, and is now to undergo a £1.3 billion renovation that will conclude in 2024.
Today (December 1), the developers announced a number of new tenants for the complex, including the new venue to be run by AEG Presents, the promoters behind Coachella and British Summer Time festival in Hyde Park.
Described as a “state-of-the-art, purpose-built live music venue,” the new site will be located above the Olympia’s west exhibition hall, and open in 2023.
Steve Homer, CEO of AEG Presents, commented: “This is a very exciting opportunity. Olympia is steeped in British music history as far back as Jimi Hendrix in the 60s. AEG Presents are delighted to be part of the new development and we plan to create more iconic shows for London audiences.”
Also among the newly announced tenants are two hotels, operated by Hyatt and citizenM respectively.
Chairman of Yoo Capital, 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 £9m per year in consumer spending to Hammersmith & Fulham, so we are very pleased to be taking another big step towards the realisation of a new vision for this area.”
Yoo Capital and DFI have also announced that they are in “advanced talks” with other potential occupiers, with “strong interest” being shown for a four-screen arthouse cinema, a 1,500-seat theatre, and other restaurants, shops, cafés and hotels.