Olympia Reveals New Transformation Plans
London – Olympia London was acquired in early 2017 by YOO Capital and Deutsche Finance for a whopping £296m. However, now, it is being revealed that the acquired venture will be turned into a ‘cultural hub’ with restaurants, hotels and more importantly, coworking spaces. According to reports, this is a plan to open and modernize the space to fit in today’s norms. It is also being reported that the space will also have conference and exhibition spaces.
According to MD Nigel Nathan, the plan to turn Olympia into a cultural hub wasn’t unplanned but rather pre-planned as they were looking at the space and thinking what could become of it. Adding further, he said that they wanted to come together and see how they could add more value and worth to this heritage. This is when they came up with this idea, which might take some time to materialize into something concrete.
The site is going to go through construction and therefore, according to the other MD of the company, John Hitchcox, it might take 5 years to complete it. However, he did ensure that the company is going to try its best to make sure that the processes don’t get restricted or hindered because of it.
The new project will be done in different phases and will take £700m to complete. That is a big amount of money and the MD’s have ensured that the project will not be completed just to sell the building but it requires a lot more.
There are additional complications involved and this only time will tell but Nathan confirmed that they are going to try to make sure that every thing works simultaneously. The purpose of changing the location and modifying it is to make sure that all kinds of events, especially business events, can take place in it. All the current spaces too will be enhanced.
It is also being reported that the company will not extend the space further, the space will stay the same. However, the idea is to increase the circulation and flexibility of the place alike.
The whole idea behind the new move is to compete with the global market and keep up with the latest trends. It is no rocket science to realize that coworking spaces have increased in demand greatly and new companies are trying to ensure that they have their fair share of them in the market.
The imagination for the project is on spot and there is a lot of money that is needed to fulfill it. However, the MD’s are trying to make sure that everything is done in the best way possible and to make sure that what they have imagined comes to life.
The management also remains constrained as far as the site is concerned because they would not be adding to the existing space but will try to work on the current one. There might also be some changes to the plans and events. They might change or may be subject to change.