Olympia Redevelopment - Posit

RNS Number : 3651U

Capital & Counties Properties Plc

14 October 2010

 



14 October 2010

CAPITAL & COUNTIES PROPERTIES PLC

POSITIVE PLANNING DECISION FOR OLYMPIA REDEVELOPMENT PLANS  

Capital & Counties Properties PLC (Capco), which owns EC&O Venues, is pleased to announce that London Borough of Hammersmith & Fulham resolved to grant planning consent for its redevelopment proposals for Olympia Exhibition and Conference Centre on 13 October 2010. 

The proposals to upgrade Olympia will improve the flexibility of the space which will be capable of hosting a number of events simultaneously, whilst enhancing one of the UK's best known venues.

The plans include redevelopment of the West Hall, within its existing footprint, into a two-storey 90,000 square feet exhibition facility by adding a floor and creating links to the Grand Hall and Olympia 2 behind the restored façade.  Olympia 2 will be reconfigured to provide more efficient servicing arrangements and improved connectivity with the rest of the facility.

 Gary Yardley, Investment Director of Capco, commented:

"We are committed to ensuring that Olympia maintains its position as a world class venue.

The approval for our redevelopment plans will provide us with the opportunity to intensify operations at Olympia once the works are completed.

This project is part of our overall strategy to unlock latent value through the delivery of our plans to regenerate our Earls Court & Olympia estate."

In addition, Nigel Nathan, Group Managing Director of EC&O Venues said: 

"Our development plans aim to respect the fabric of the historic building whilst also making the internal space easier to access and more flexible for organisers to use. 

Before we submitted our proposals we consulted widely with the community and have been pleased with the response to our plans.

We believe the investment will bring in business, new jobs, and continued prosperity for Hammersmith and Fulham, benefiting the whole of West London."

With planning permission in place, Capco is looking to commence construction work on the site in early 2011, which is scheduled to continue during 2012.  The work will be phased to allow the exhibition and conference business already operating at Olympia to continue throughout.  The cost of these works were included within the previously announced £20 million of capital allocated to Olympia and will be funded from existing Capco cash resources. 

ENDS

Enquiries:

Capital & Counties Properties PLC                                                               Tel:     [phone]

Beverley Churchill, Marketing & Communications Director

Hudson Sandler (UK)                                                                                          Tel:     [phone]

Michael Sandler/Wendy Baker                                                                     

College Hill (South Africa)                                                                               Tel:     [phone]
Nicholas Williams

Notes to editors:

About Capital & Counties Properties PLC (Capco)

CAPITAL & COUNTIES PROPERTIES PLC is one of the largest companies that specialises in central London real estate and is a constituent of the FTSE-250 Index. CAPITAL & COUNTIES PROPERTIES PLC holds 3.5 million square feet of assets valued at £1.3 billion (as at 30 June 2010) in three landmark London estates: Covent Garden London, which has assets valued at £592 million, including the historic Market Building; Earls Court & Olympia Group and 50% of the Empress State building in Earls Court amounting to aggregate property assets of £443 million; and the Great Capital Partnership, a joint venture with Great Portland Estates, which holds prime West End properties with a total market value of £540 million (Capco share £270 million). The company demerged from Liberty International PLC, now Capital Shopping Centres Group PLC, in May 2010, and is listed on the London Stock Exchange and the JSE, Johannesburg.

About Olympia

The plans for Olympia include redeveloping the West Hall within its existing footprint, behind the existing brick façade along Blythe Road which will be restored, adding a floor and creating links to the Grand Hall and Olympia 2.  The Hall will be designed to be used in conjunction with other spaces or independently and the design will be sympathetic to the spectacular fan window of the Grand Hall.  It will incorporate a visitor entrance on Blythe Road bringing animation to the street frontage.  The plans will also improve pedestrian access around the building and provide opportunities to enhance the public realm.

Built in 1886, Pillar Hall, along with the Grand Hall, is the oldest building on the site but is currently under-utilised. Under the proposals this will be brought back into beneficial use. The plans will improve access, making the building Disability Discrimination Act (DDA) compliant. A restaurant on the ground floor will mean more people will see the architecture and pillars which give the building its name. These facilities will also add to the dining offer for visitors to Olympia and provide an independent restaurant to the local community, improving choice on the site and for the surrounding area. Above this, a new mezzanine floor will provide office space. The proposals will reanimate the building.

By using the majority of the ground floor of Olympia 2 for servicing and delivery vehicles, rather than exhibition space, it will create a larger traffic marshalling area within the site.  This will bring vehicles into the building, providing more efficient servicing arrangements. It will also ease traffic on the surrounding roads.

The plans for Olympia were developed by architects Collado Collins.  

Olympia is part of EC&O Venues a wholly owned subsidiary of Capco.

 

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