Olympia, the landmark £1.3 billion redevelopment of London’s historic exhibition venue, will inject over £600m into the London economy.
That’s the latest analysis by economic consultancy Volterra.
Set to begin later this year, Olympia will become a vibrant cultural, entertainment, and business hub. Other topline data includes:
* Olympia’s new music venue and theatre alone will contribute up to £18m per year to London’s cultural sector;
* The redevelopment is set to attract 3.5m visitors to Olympia’s new hotels, events and performance venues, with projected visitor footfall of 10m annually;
* Olympia’s transformation will create 7,000 direct jobs supporting an additional 2,000 jobs in London and beyond through supply chain and expenditure effects;
London Mayor Sadiq Khan says: “The regeneration is one of the most exciting projects in London, creating a fantastic new music venue and theatre and giving one of the capital’s most famous exhibition spaces a 21st century makeover.
“This is exactly the kind of project that London needs – helping us to attract tourism, enhancing our cultural offer and delivering a huge boost to the economy.
“I am doing everything I can to attract new investment into the capital and schemes like this will help us to deliver growth in London and across the UK as we work to build a better, fairer and more prosperous London for everyone.”
Lloyd Lee of Yoo Capital says: “Olympia will be a driving force in bolstering the UK’s economy. This data confirms what we’ve always believed in: that strategic, long-term investment in culture and the creative industries delivers significant economic returns. Olympia stands as a key pillar of investment in the UK, reinforcing the substantial economic contribution of the nation’s cultural and creative industries and furthering ‘brand Britain’.
“Cultural hubs like Olympia flourish through public and private investment and it’s important to recognise that the business world is not just supporting London’s cultural sector but actively shaping its next chapter.
“Investment in London’s creative industries is crucial in driving economic growth – with the Summer Spending Review on the horizon, we hope to see continued commitment from the government in supporting the creative industries, not only through policy and funding but by recognising culture as a driver of long-term economic growth.”
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