The owners of London's Olympia exhibition centre have unveiled the first images of a proposed £700M overhaul of the famous venue.

Thomas Heatherwick and SPPARC are designing the redevelopment, which will look to transform Olympia from an exhibition venue, hosting around 200 events a year, to a year-round office, arts and cultural facility. Deutsche Finance International and Yoo Capital bought Olympia from CapCo for £296M last year.

Here are the key elements of the redevelopment.

Olympia will become a significant office destination in its own right, with 600K SF of office space targeting creative firms added, along with 70K SF of coworking space. That is more office space than the Shard.

The main exhibition halls will be refurbished, with the famous domed roof and ironwork left in place. Added to the interior will be 73K SF of cultural space, including a 1,500-seat theatre.

Olympia Way, the road on the east side of the building, will be pedestrianised, and 2 acres of public realm, including restaurants, will be added.

A planning application will be submitted in September.