Olympia’s £1.3bn overhaul to add 4,000-capacity venue, major theatre and 30+ eateries

London’s historic Olympia is undergoing a £1.3 billion transformation that will bring a 4,000-capacity music venue, a 1,575-seat theatre and more than 30 new food and drink spots to West Kensington. Project backers say the redevelopment could inject more than £600 million into the UK economy and draw an estimated 3.5 million visitors annually, according to new analysis by economic consultancy Volterra.

Designed by Heatherwick Studio and SPPARC, the reimagined site aims to blend entertainment, culture, business and leisure. The music venue will be operated by AEG Presents, while Trafalgar Entertainment is leading the 1,575-seat theatre, described by the developers as the largest purpose-built theatre in London in 50 years.

Two hotels are planned on-site — a 204-room Hyatt Regency and a 146-room citizenM — alongside a boutique fitness venue, office space and a co-educational senior school. A 2.5-acre public space with year-round programming and dining options including Idalia and Pepperbird are also part of the scheme.

Olympia will continue to operate as an exhibition venue under Olympia Events, retaining its 1886 heritage while expanding its appeal. The redevelopment is backed by Deutsche Finance International and Yoo Capital.

Lloyd Lee, managing partner at Yoo Capital, said the figures underscore that long-term investment in culture and the creative industries delivers significant economic returns and helps further “Brand Britain.” Overall annual footfall at Olympia is expected to reach around 10 million, including local residents, workers and diners, in addition to visitors, according to the project team.

Andy O’Sullivan, CEO of Olympia Events, said the complex will become a hub of activity, attracting a large proportion of London’s international visits and boosting the UK’s tourism economy. He said the new Olympia will directly support approximately 7,000 jobs and a further 2,000 roles through supply chains and related spending.

Some residents initially voiced frustration over the scale and potential costs of the redevelopment, but developers offered site tours to address concerns, and some locals now see potential long-term benefits from increased footfall.

The Mayor of London, Sadiq Khan, called the project one of the city’s most exciting, saying it will deliver a new music venue and theatre and give one of the capital’s best-known exhibition spaces a 21st-century upgrade for events such as London Tech Week. He said it is the kind of investment that can attract tourism, enhance London’s cultural offer and deliver a substantial economic boost.