Yoo Capital and Deutsche Finance International (DFI), the investors in and developers of the £1.3 bn (€1.4 bn) regeneration of Olympia London into a major cultural destination – have announced three agreements with major names in entertainment and hospitality, marking the first occupiers to commit to the landmark scheme, four years ahead of its scheduled completion.
With construction work underway at the 14-acre site, 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.
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, the global music and live entertainment company. In addition, citizenM London Olympia will feature 145 rooms as well as three societyM meeting rooms while Hyatt Regency London Olympia will feature 196 rooms and suites, four meeting rooms, a bar and deli.
Yoo Capital and DFI said that they are also in advanced talks with other potential occupiers with strong interest being shown for the development’s four-screen arthouse cinema, 1,500-seat theatre, restaurants, shops, cafés, hotels and 550,000 sq ft of office and co-working space.
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.’
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.’
CBRE and Cushman & Wakefield are joint advisors on the leasing. The Olympia London redevelopment is due to be completed in 2024.