The owners of the Excel exhibition complex in Docklands have snapped up the Business Design Centre (BDC) in Islington, host of events such as the London Art Fair,
Excel, which is part of the Abu Dhabi based ADNEC group, said it was buying the Grade II listed former Royal Agricultural Hall on a 4.5 acre site near Upper Street.
No price was disclosed but recently filed accounts for family owned BDC showed the venue had a £105.5 million valuation at 31 March and made a £6.3 million profit last year.
The BDC hosts around 130 events and 900,000 visitors a year including hotel design show HIX and the Surface Design Show.
As well as the main 6,000 sq m event and conference space BDC also provides more than 12,500 sq m of letable space for showrooms, offices and serviced offices. The estate also includes the freehold to the Islington Hilton Hotel site.
The single span Royal Agricultural Hall was built in 1862 and originally designed to house the Smithfield Cattle Club show. It had a record a record attendance over one event of 134,669 guests. The venue fell into disrepair after the war and was recused from demolition by businessman Sam Morris who is remembered by a bust on the upper level of the new Business Design Centre, which was was opened in 1986.
Jeremy Rees, CEO of Excel, said: “Since acquiring Excel more than 15 years ago, ADNEC has demonstrated unwavering support for London’s event and business tourism industry. The acquisition of the prestigious BDC further underscores this commitment. We look forward to integrating BDC into the ADNEC ecosystem and will continue to invest significantly to ensure both Excel and BDC offer the highest-quality platforms for the events industry, reinforcing London’s status as a leading global events destination.”
Jack Morris CBE, who is retiring as chairman of Business Design Centre said: “Selling the Business Design Centre, the Morris Family’s flagship business which was founded by my visionary father Sam Morris 40 years ago, was never going to be an easy, emotional decision.
But it’s the right time. My brothers and I are not getting any younger and now is the moment to hand over the baton to new proprietors who understand and respect what we have built. ADNEC have a long standing and recognised history of building, owning and managing venues and I wish them every success in taking the BDC forward.”
