UK architecture practices Heatherwick Studio and SPPARC have been granted permission to move forward with their plans to transform the Olympia London exhibition centre into a multifunctional cultural hub.

According to YOO Capital – one of the developers spearheading the project – the £1bn (US$1.3bn, €1.1bn) expansion, recently approved by Hammersmith and Fulham Council, will see 2.5 acres of public realm created, turning the Victorian-era landmark into a "global force in arts, entertainment, exhibitions, and events".

In addition to offering new office units, the revamped Olympia London will also feature several leisure facilities, including two hotels, a four-screen cinema, a 1,500-seat theatre, a 1,000-seat performance hall, and multiple dining outlets.

In a statement, Trevor Morriss, principal at SPPARC, said: "Each building and public space we have carefully designed has been inspired by the rich history that surrounds the scheme and will position Olympia London as a thriving hub for creativity and innovation."

Routinely one of West London's most popular conference venues, Olympia hosts 200 events every year.

After the overhaul, the site is expected to draw in 8.4 million visitors annually.

The project, first announced in 2017, is scheduled for completion in 2023.