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The Olympia venue in Kensington is set for the construction of the biggest theatre in London for 45 years, the Financial Times reports. The ambitious plans have arisen after a £100m deal by Trafalgar Entertainment, which is owned by the impresario Sir Howard Panter.
The news seems rather surprising in light of the 15-month shut down of UK theatres during the pandemic, which has left many venues hanging by a financial thread. However, Panter, who founded the Ambassador Theatre Group, which is the UK’s largest operator, in 1992, is optimistic about the future.
“This really is a once in a lifetime opportunity,” he said. “Developments of this nature are what is needed to regenerate city centres. How are we going to get people back together again if we don’t create spaces that are worth going to?” Panter added.
The new Olympia Theatre will have five levels and six bars, with capacity to seat 1,575 people. It is the biggest theatre to open in London since the National Theatre in 1976, on the South Bank next to the Thames.
The redevelopment of the entire 135-year old Olympia exhibition site is expected to cost over £1.3bn, and will include new hotels and an events space. The investment, which is backed by international finance groups, is a sign that the UK capital is still regarded as one of the world’s leading cultural hubs, despite the disruption of the pandemic.
Panter said that London was one of the most important cultural melting pots in the world, with a diverse and creative community. The thriving theatre scene has been hit particularly hard by the pandemic, with revenues falling from around £1.35bn in 2019 to almost zero in 2020.
The Trafalgar group says it has sold £4.5m worth of tickets for productions opening this summer, which is a sign of rising public confidence as the lockdown restrictions ease.
