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Olympia London owners Deutsche Finance and Yoo Capital are working together on the scheme with proposals expected to include 2.5 acres of public space.

The exhibition venue hosts a raft of events including Clarion’s The Art & Antiques Fair. All planned shows at the venue are due to go ahead while the works take place. The owners have hired architect Heatherwick Studio with SPPARC Architects to oversee the project.

John Hitchcox, chairman of Yoo Capital, said: “These proposals reflect consultations and discussions with our community to ensure we create an exciting and inspirational venue with unparalleled facilities.”

Last year, when the redevelopment was revealed, Olympia fair director at Clarion Events Mary Claire Boyd told ATG that the “planned improvements to the communal areas and retail units will be good news for both our exhibitors and our visitors”. Clarion runs a number of events from the venue including its Art & Antiques Fair.