A new state-of-the-art theatre is to be opened in Wembley Park this year.

The flexible 1,000 to 2,000-seat Troubadour Wembley Park Theatre is being created inside the former Fountain Studios, the old home of The X Factor.

Troubadour Theatres will run the venue and will work with both well-known and emerging production companies and artists to stage world-class entertainment. It will include a bar, restaurant and an open-air terrace.

Plans have already been unveiled for regeneration at Wembley Park, with the 85-acre redevelopment including affordable artist studios, 7,000 new homes, the London Designer Outlet, new retail districts and offices and the largest Boxpark to date.

The theatre will be the first in Wembley Park and the first venture between Quintain, the developers behind the area’s regeneration, and Troubadour Theatres.

The company’s Tristan Baker and Oliver Royds said: “We are delighted to be creating a state-of-the-art theatre in Wembley Park, in the heart of one of Europe’s largest regeneration areas.

“We see theatre audiences increasing year on year and we are excited, once again, to break the mould of traditional theatres and bring new innovative spaces to audiences and producers alike.”

“Troubadour Wembley Park Theatre will be a modern venue for modern audiences: comfortable seating, increased leg room, a spacious and welcoming bar, a seasonal and innovative restaurant.

“And for theatre-makers, we offer a flexible, dynamic and exciting performance space which can be designed around the shows.

“We see theatre audiences increasing year on year and we are excited, once again, to break the mould of traditional theatres and bring new innovative spaces to audiences and producers alike.”

Quintain’s chief operating officer, James Saunders, said: “This new theatre opens as London is seeing a decline in live venues across the capital and is a further example of how Wembley Park is growing in stature as a cultural destination.”

The Troubadour team has run theatres including the King’s Cross Theatre, which consisted of two 1,000-seat theatres and one 450-seat studio housing the Olivier Award-winning production of The Railway Children, Lin-Manuel Miranda’s In The Heights, David Bowie’s Lazarus and the Donmar’s Shakespeare Trilogy.

Troubadour Theatre Wembley Park is due to open in the autumn of 2018.