The plans are being led by Yoo Capita, the equity investor which acquired the venue last year. According to reports the plans are to include two hotels a new 1,500-seat theatre, a performing arts venue, cinema and a conference centre. Plans also include a co-working office and studio block, restaurants, and 2.5 acres of new public space.
It is believed that around £700m will be invested in the next four years with further investment to follow after the first phase has been concluded. A four-day public exhibition outlining the plans is currently underway and a planning application is expected to go to Hammersmith and Fulham council by September.
The plans have been designed by Heatherwick Studios working with SPPARC Architects.
John Hitchcox, chairman of Yoo Capital, said: “As caretakers of Olympia London, we are investing to protect this iconic site and promote it on the global stage as a world-leading destination for the creative industries. These proposals reflect consultations and discussions with our community to ensure we create an exciting and inspirational venue with unparalleled facilities.”