Firm signs up for £1bn redevelopment
Laing O’Rourke has won the race to redevelop the Olympia centre in west London, Building understands.
The firm has signed a pre-construction services agreement for the work – having been drafted in earlier this year to provide competition for Mace which was negotiating the deal as a sole bidder.
The £1bn scheme was approved by the local council in January and has been designed by Heatherwick Studio and SPPARC.
One source said: “Mace aren’t happy but they wouldn’t be. They’re peeved with a capital P.”
The 186,000 sq m scheme involves building two theatres, as well as two hotels, a four-screen cinema, a rooftop park and other restaurant space.
Four original exhibition spaces, dating from 1886, will also be modernised under the plans.
Enabling works are understood to be starting, with main construction work starting in the first quarter of 2020.
The scheme is being developed by a consortium of investors, led by the owners of Olympia – Yoo Capital and Deutsche Finance.
The consortium has already appointed Gardiner & Theobald as quantity surveyor, Desco as M&E consultant and Pell Frischmann as structural engineer.