AEG Europe and Crosstree Real Estate Partners have announced a new development at The O2 in London.
Anchored around a 50,000 sq. ft. cinema extension for operator Cineworld and a 30,000 sq. ft. trampoline park, leased to Oxygen Freejumping, the project breaks ground in late September and is expected to open at the beginning of 2019.
“This site, coupled with the ongoing Designer Outlet Village development, will complete the loop of space around The O2 arena," said Alistair Wood, development manager for AEG Europe. "Together they will deliver a further four to five million visitors per annum to The O2 each year.
"The cinema has gone from strength to strength since it opened and we are delighted Cineworld are extending their partnership with us. We are also very pleased to have Oxygen on board, the UK’s leading trampoline park operator. Trampolining appeals to a broad demographic and will further diversify the leisure mix offered at The O2, to complement the retail offering which will open in Q4 2018.”
The Cineworld extension delivers additional screens and once complete will contain the latest 4DX technology as well as the ability to host multiple screenings, premieres and events.
The trampoline park will be the 11th for Oxygen Freejumping in the UK, and the first of three new sites in and around London that the company is expecting to announce in the coming months, taking its total number of parks around the Capital to five.
The development adds to the planned 205,000 sq. ft. 90-unit, Designer Outlet Village, already under construction. Lloyds Bank plc has extended its existing loan to the AEG and Crosstree joint venture to finance the project.
The O2 is the world's busiest venue and celebrated its 10th anniversary earlier this year. Upcoming concerts include shows by The Killers, Metallica, Kasabian, Depeche Mode and Little Mix.
