“In London, it seems everything that’s not a shop, offices or luxury apartments is being demolished,” sighed artist Duggie Fields when I interviewed him last month for a piece in Uncut about the imminent demolition of Earls Court Exhibition Centre. It’s a quote that, in a nutshell, seems to encapsulate all that is going wrong with London right now.

“There is so much damaged being done to London all over, Earl’s Court is just part of it,” says Fields. “London is losing a scale of living that has been very special for a long time. Now we have this mini high rises that could be from anywhere, they are characterless and there are so many of them.”

Earls Court will be pulled down early next year and replaced by houses, ending the area’s 120-year history as a place of fun. This history is well known to London nerds, but is worth repeating. The former cabbage field of Earls Court was transformed into a funzone by Yorkhire entrepreneur John Whitely at the end of the 1880s, when he brought Buffalo Bill’s Wild West Show to the newly transformed exhibition site, hemmed in between railway lines. It featured a miniature Rocky Mountains, Native American village, corrals and a cowboy bunkhouse. “The show was a revelation,” write Felix Barker and Peter Jackson in Pleasures Of London. A few years later, the site attracted London’s first big wheel – a 300ft monster called the Gigantic Wheel.

When that lost its thrill, new entertainments were sought – including plans for a mechanical racecourse. Numerous exhibitions were also held there – including Captain Boynton’s Water Show in 1893, the Greater Britain Exhibition, in 1899 and Shakespeare’s England in 1912. Then in 1937 the Exhibition Centre was built. It opened with a Chocolate and Confectionery Exhibition and went on hold swimming galas, motor shows, the Royal Tournament and events for the 1948 and 2012 Olympics. It’s a decent looking building, too, well worth saving for its lovely Art Deco curve and revolutionary concrete engineering. So many magnificent buildings from this era are being lost.

Less, pleasantly, in 1939 it hosted a gargantuan meeting of Oswald Mosley’s fascist blackshirts.

From the 1970s, Earls Court also began to host pop shows. David Bowie was first to play there, although Noddy Holder of Slade claims they were the first to book it and then managed to improve the sound after Bowie flopped. Concerts by Bob Dylan, Led Zeppelin, Queen, Rolling Stones and Pink Floyd followed. I saw Oasis there, unfortunately, and also the BRIT awards in 2000, when I threw a champagne cork at Christine Hamilton.

And now it’s to come down, replaced by 8,000 houses and some shops.

Duggie Fields has lived in Earls Court since the 1960s. You may recognise his flat – and former flatmate.

He points out that the removal of the Exhibition Centre will, at a stroke, remove any point or purpose to the Earls Court area. “It has nothing for people to come to,” he says. “Just boring anonymous shops and lots of traffic. All we’ll get is more chainstores because there’s no neighbourhood, there’s no locals. You can’t create villages, they grow over a long period of time.” He also fears for the pubs and restaurants that rely on the Exhibition Centre, which has still been functioning almost round the clock despite impending doom, for their custom.

He’s right. Earls Court is, even with the Exhibition Centre, one of the most boring areas of London. Without it, it’s pretty much irrelevant. But there’s a problem here too. London needs housing, desperately. Surely these 8,000 or so units will help?

It seems unlikely. The new apartments will – like those in the big new developments and Nine Elms – be aimed at the pockets of investors and speculators, people with deep pockets who have taken advantage of stagnant interest rates to buy up property and then charge eye-watering rents for them. It’s hard to blame them, as economic policy seems designed purely to over inflate London’s property market, but the damage is considerable. Because not only are they building identikit apartments in areas nobody that actually needs housing can afford, they are in the process annihilating anything that could be seen as fun – pub, music venues, sports grounds as well as historic structures like Earls Court. It’s a depressing, dismal outcome that offers the worst of all possible worlds.

It’s also entirely typical of the current state of London: could you possibly imagine a scheme as imaginative and as exciting and beneficial for the public as the conversion of Tate Modern happening today? Not a chance. It would be flattened and replaced by luxury glass apartments. What do we get instead? A bloody Garden Bridge, stupid cable car and shopping centres. Thank god at least the Olympic site has been safeguarded – for now.

“There’s nothing to build on the heritage they’re throwing away,” says Fields of Earls Court. “It’s been an exhibition site for over 100 years. London is tossing that out with as many other things as it can toss out under this current administration.”