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Hollywood real estate firm expands £350m east London film studio project : CityAM

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Hollywood real estate firm expands £350m east London film studio project : CityAM

Plans for a significant new film studio advanced in east London have been given an additional increase after the scheme’s Hollywood backer introduced it was pumping an additional £50m into the project.

Hackman Capital Partners (HCP), which owns studios the place classics similar to Citizen Kane and Gone With the Wind have been filmed, final 12 months took management of development of Eastbrook Studios, a brand new film and TV hub set to open in Dagenham.

Read extra: Made in Dagenham: Hollywood real estate firm to construct new east London film studios

The firm at present stated it has agreed a 10-year lease with Barking and Dagenham Council for 2 present warehouses, which might be transformed into additional studio house.

The transfer will increase the overall variety of sound levels from 12 to 18 and takes HCP’s complete funding within the project to £350m.

The new 10-acre website, often called The Wharf, will boast 165,000 sq. toes of sound levels and builds on the bigger present studio advanced, which covers greater than half one million sq. toes. It additionally provides manufacturing workplaces and workshop house.

The studios are anticipated to open earlier than the primary Eastbrook house and might be prepared for filming as early as autumn this 12 months.

“This is implausible information and is one other signal of the large confidence in our borough, London and the UK from HCP, who’ve already made an enormous dedication to constructing Eastbrook Studios and at the moment are increasing to The Wharf,” stated Darren Rodwell, chief of Barking and Dagenham Council.

“Their choice to put money into The Wharf is one other increase for our borough and London, which means extra jobs and alternatives for native individuals.”

The expanded project, which would be the largest studio advanced in London, is about to contribute £35m per 12 months to the native financial system and create greater than 1,800 jobs.

Eastbrook marks the most recent in a string of main studio tasks in and across the capital as builders rush to fulfill surging demand for brand new movies and TV reveals to gas the escalating streaming wars.

Last 12 months builders got the inexperienced gentle to construct a £250m film advanced in Kent offering studio house for streaming giants Netflix and Amazon.

Read extra: UK tycoons purchase Twickenham Studios as they launch £500m film enterprise

Meanwhile plans have been outlined for the UK’s largest purpose-built studio advanced close to Reading, whereas Sky is about to open a brand new 32-acre manufacturing hub in Elstree.

Los Angeles-based HCP, which was based in 1986, owns a string of main US film studios, together with The Culver Studios, Television City Studios and Silvercup Studios.

Its sound levels have performed host to quite a few blockbusters through the years, in addition to CBS TV hits together with The Late Late Show with James Corden.