YOO Capital and Deutsche Finance International–which own the historic exhibition centre –submitted plans to Hammersmith & Fulham Council last summer to turn the 14-acre site into a destination with leading hotels and restaurants, plus performance venues and state-of-the-art office space.

Award-winning practices Heatherwick Studio and SPPARC are leading on the design and implementation of the project, which will also see 2.5 acres of new public space created. The transformation will begin from next year, with the first tenants moving in by 2023.

YOO Capital and Deutsche Finance International are in advanced talks with some of the biggest names in entertainment and hospitality about taking space on the enhanced site and will announce the first commercial partners in the spring. The project will create more than 3,000 new construction jobs over the next five years in addition to approximately 5,400 new jobs for the borough when it is completed. It will also bring in an extra £9m per year in consumer spending to Hammersmith & Fulham.

Key features of the project include:

•A 1,500-seat theatre

•A 1,000-seatperforming arts venue

•Two hotels

•A four-screen cinema

•670,000 sq ft of creative office space, including new co-working space

•Upgrades to the existing spaces to turn Olympia London into one of the world’s top exhibition and event centres

•A200,000 sq ft logistics centre

Chairman of YOO Capital John Hitchcox said: “Not only is this great news for London –it’s also an example of a British project with European investment creating jobs and opportunities in spite of the current economic and political climate.

“We are proud to announce this plan and press ‘Go’ on a £1bn project that will transform Olympia London into a global force in arts, entertainment, exhibitions and events.

“We will achieve all of this with minimal disruption to the hundreds of inspirational events that will continue to take place at Olympia London during the transformation”.

Nigel Nathan, MD, Olympia London added: “This extraordinary investment will significantly upgrade the current offering at Olympia London, whilst retaining key events throughout the enhancement. Today marks an exciting chapter in our rich history”.