The venue, which has just hosted the London Boat Show, wants to build an additional 25,000 square metres to take the size of the complex to 100,000 square metres.
While this is still smaller than Birmingham’s NEC, it is a lot bigger than many rival locations on the Continent.
Jamie Buchan, Excel’s chief executive, intends to test the appetite of users before he presses the start button on the second phase, but he already has the support of the centre’s biggest investor.
This is a Malaysian conglomerate called Usaha Tegas, which is ultimately controlled by Ananda Krishnan.
Excel has come a long way since its rescue refinancing, which was completed three-and-a-half years ago. The group still has debts of £130m but it now has a strong cashflow with which to service them.
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At present the group is building a 2,000-space parking bay beneath the complex, a move that will free about 12 other acres.
As well as the new venue space, the intention is to attract a casino to the location, as well as more leisure activities.