Opening in the week before the Opening Ceremony, the club is being created in a disused Victorian warehouse at Swan Wharf on Fish Island.
It will be open from 9am to 2am during the Games with day membership tickets priced from £100.
Simon Thompson, the Fringe’s project developer, told Event the atmosphere would be creative rather than corporate: "We’re adore the Olympics but we’re anti-traditional corporate entertainment. This isn’t a place for suits. It’s a bit more media-focused and a bit cooler than that. We’re not trying to pretend that it’s a Prestige Ticketing type offering and we can get you to the 100m final. It’s an authentic, East London, knackered old Victorian warehouse."
Swan Wharf Ltd, the owner of the warehouse site, hired Thompson to design and run the venue. He is working with designers, event specialists, music and hospitality experts to create the experience.
Thompson, whose background is in advertising and interior branding, said: "It’s a very good team of experts who have come together to create something that we feel is really going to be very different."
The ground floor will house two bars, a music stage, zoned seating areas, street food and an outdoor courtyard and champagne bar. Screens throughout the venue will show Olympic footage in the daytime, while the first floor will become a nightclub in the evening.
A longue space with zoned areas, bars and table service will be set up on the second floor and the top floor will host the penthouse – a luxury space for 50 people which is closed to the public and can be hired from £20,000 a day.
Thompson told Event: "As you go up the floors, the venues gets smarter and smarter. We are a cross between a private members club like Shoreditch House, and a very cool film set."
The whole venue covers more than 4,500sqm and can hold 2,500 people when hired exclusively.
Thompson said it has had significant interest from brands – including some Olympic licensees - and a National Olympic Committee: "We’ve had so much interest that certain big companies are taking over the entire Fringe as a dressed space for a few days over the Olympic period."
The Fringe will close on 12 September, three days after the Paralympics finishes.
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