Meet the client: Lloyd Lee, Yoo Capital – ADC

When did you decide to invest in the Olympia project and what prompted you to do so?

In 2015, we told investors that major urban centres were going to be called upon to make their real estate work a lot harder. We could no longer expect buildings to be open only Monday to Friday 9am-5pm, or on the weekends and late evenings. We realised that people were going to be making lifestyle choices in their workplace, and that services and inspiring — sometimes playful — environments were going to become more and more central to how people chose where to work.

When we saw Olympia 90 days after Brexit, we saw untapped, hidden potential. We were already committed to investing in London long-term and going against the grain of the ‘wait and see’ approach that others were taking. We were banking on a millennium of history being right… that London will always be London, one the world’s great capitals, if not in fact the greatest.

We were blown away by enormous potential hiding in plain sight. Olympia has been a London icon since 1886 but had only ever had piecemeal investment. The more we spoke to the wider business community, cultural organisations, the Council and residents, the clearer it became to us that Olympia’s future could be so much more. Despite the uncertainty of the time, our view that the enduring strength of London, a city that has always turned challenge into opportunity, would be the inspiration for Olympia’s transformation into a true global showcase for culture, music, entertainment and innovation.

What made you appoint Heatherwick and SPPARC in 2017? What stood out?

Bravery. We saw in both Thomas (Heatherwick) and Trevor (SPPARC) a rare blend of daring, curiosity and vision. As leaders of their own practices, they are also businessmen which means they understand and can apply commerciality into their work.

In addition, we saw in them a sympathetic pairing. Heatherwick’s radically creative, human-centric sensibility is a gift that paired well with SPPARC’s dynamism in re-shaping complex spaces at great pace. Together they understood that Olympia was not just a place but a personality that after 131 years was about to undergo an evolutionary change for generations to come.

Has this changed the way you will appoint architects moving forward? What do you typically look for?

Yes. Every time we work, we learn. And in working side by side with Heatherwick and SPPARC, burning the midnight oil, and challenging ourselves to think bigger, we have continued to hone our thinking about the creative process. We continue to work with both firms and I think that says a lot about how well this relationship has worked. The other professional practices we work with that have adopted a similar approach have often told us they find it unshackling and exhilarating, while also being very intensely focused on results at great pace and with great precision. That precision is something we are continuing to hone as the ambition continues with each new challenge. 

What can an architect say or do that would make you think they weren’t right for you?

First, the relationship with a great architect is, for us, a duet. The moment it becomes a solo for either of us, it fails to work. So sitting around a table throughout the entirety of the creative process across all spectrums is very, very important to us, and we find for the right architects, it also enables them to work with greater efficiency and precision because they know we have an idea in our mind of how the spaces need to work together and why.

Going on that journey together is how they understand our vision, and how that shape takes true form, becoming both beautiful and inspiring.

When will the project open to the public and what can we expect?

New venues at Olympia will open later this year, offering a transformation unlike anything we’ve ever seen before. Olympia will redefine the city’s landscape, blending stunning architecture, groundbreaking technology, and unmatched cultural experiences. It’s a destination that promises to captivate, inspire, and leave a lasting mark on London.

What have been the biggest challenges in delivering such a large-scale, mixed-use development in central London?

The team delivering Olympia is second to none. It is one of the most complex private construction projects in London, with a live events business operating under 2.25 million square feet of both historic renovation and new development. Together, we have weathered the Covid-19 pandemic, five prime ministers, geopolitical uncertainty, and high levels of inflation. We remain on track to begin unveiling this extraordinary, ambitious transformation later this year.

What lessons from the project will you be taking forward to others?

Not everyone is suited for the drive, pace and ambition. The faster you recognise that and can pick your partners, the better for everyone.

Are there any future expansion or adaptation plans beyond the completion?

We are always innovating and adapting as we grow. Stay tuned.

What are your plans for the Camden Film Quarter and why have you invested there?

As we have discussed, we have learned a lot from our work at Olympia and that includes from our brilliant architects. Our investment in the Camden Film Quarter reflects our belief in the UK’s world-leading creative and screen industries, which have an exceptional global reputation for innovation and talent. Camden offers a unique opportunity to build a vibrant neighbourhood centred around film and television, reinforcing London’s position as a hub for creative excellence.

Our vision is that we can create genuinely symbiotic communities in major cities which are both dynamic on a global scale while also being incredibly focused and powerful at a very, very local level. And when you apply a single-minded commitment to ensuring that your places (no matter how global in ambition) have a local focus: welcoming young facilities, under-represented communities, students, interns, startups and young SMEs as well as global powerhouses — you find that your architects, your professional teams, your operating partners, your investors all begin to see and share that vision and collectively work to build on that sense of community.

For Camden, we see state-of-the-art film and television studios, built-for-purpose production facilities nestled alongside accessible schools in film and television (that we will be gifting to the National Film & Television School and the London Screen Academy) as well as a “Beehive” that will host spaces for young new production companies and SMEs that provide work in F/X, sound engineering, marketing, prosthetics, set and costume design and the innumerable trades that work within the film and television industries. And all this set within a backdrop of two-and-a-half acres of green spaces, open squares, cycle pathways, restaurants, shops, and galleries.

Critically, around these creative spaces for the industry, we also see public spaces for immersive studio experiences, learning and community events. Finally, because we are in a major city, it’s important to include in hundreds of new homes — 50 per cent of which will be affordable. Kentish Town’s rich cultural heritage and strong connections to London’s creative scene make it the ideal location for this transformative project, and we’re excited to contribute to its growth and success.

What one piece of legislation or policy would mean we could get more projects that deliver culturally such as in Olympia and Camden are set to do?

Creating a fast-track planning process for projects that have a clear cultural and community benefit would reduce delays. These projects could be given priority status, ensuring quicker decisions from planning authorities and reducing the time it takes to get off the ground. Planning authorities could be given incentives for supporting these projects and should be encouraged to develop plans and policies to support cultural venues and demystify the planning process.

Is the development sector attracting the right sort of talent? And if not, what can be done?

The industry has come a long way, but greater efforts need to be made to increase diversity. Initiatives like the Future of London’s Emerging Talent program are really helping to reduce barriers to entry and we were delighted to host two placement graduates last year, resulting in a permanent position at Yoo Capital.

What’s next for you?

We have been blessed to be co-authoring a dynamic new way forward in the reimagining of London – a public-private partnership where the leadership of Hammersmith and Fulham [Council] as well as Camden [Council] have been breathtaking in their pace, ambition and collaborative esprit de corps. The Greater London Authority and recently, Central Government, have also both provided strong visionary leadership and support that has acted as a catalyst for this kind of public-private partnership approach. Doing so means we can continue to make the UK and London extremely competitive in the global marketplace while also ensuring that this global position elevates the whole country.