London will acquire a model new music venue as a part of an enormous renovation of West London exhibition centre Olympia.
Olympia was acquired by Yoo Capital and Deutsche Finance Worldwide for €330 million in 2017, and is now to bear a £1.3 billion renovation that can conclude in 2024.
In the present day (December 1), the builders introduced quite a few new tenants for the complicated, together with the brand new venue to be run by AEG Presents, the promoters behind Coachella and British Summer time Time pageant in Hyde Park.
Described as a “state-of-the-art, purpose-built dwell music venue,” the brand new website will probably be positioned above the Olympia’s west exhibition corridor, and open in 2023.
Steve Homer, CEO of AEG Presents, commented: “It is a very thrilling alternative. Olympia is steeped in British music historical past way back to Jimi Hendrix within the 60s. AEG Presents are delighted to be a part of the brand new growth and we plan to create extra iconic exhibits for London audiences.”
Jimi Hendrix, Eric Burdon and Noel Redding backstage at Olympia in 1967 CREDIT: James Andanson/Sygma through Getty Pictures
Additionally among the many newly introduced tenants are two accommodations, operated by Hyatt and citizenM respectively.
Chairman of Yoo Capital, John Hitchcox, stated: “It’s been a difficult yr for the occasions, dwell leisure, retail and hospitality sectors – however having these three companions on board is an actual optimistic for London and a transparent indication of confidence in each town and this iconic landmark as a vacation spot for tradition and creativity.”
“The Olympia venture will give an actual enhance to the native economic system, bringing in an additional £9m per yr in shopper spending to Hammersmith & Fulham, so we’re very happy to be taking one other massive step in direction of the realisation of a brand new imaginative and prescient for this space.”
Yoo Capital and DFI have additionally introduced that they’re in “superior talks” with different potential occupiers, with “sturdy curiosity” being proven for a four-screen arthouse cinema, a 1,500-seat theatre, and different eating places, retailers, cafés and accommodations.