A brand new world-class film studio could be coming to Hertfordshire as a hub for UK and international media productions.
Blackstone and Hudson Pacific Properties plan to create a major new centre for film, TV and digital production in Broxbourne.
Funds managed by Blackstone Real Estate Partners and Hudson Pacific Properties acquired a 91-acre site, 17 miles north of central London, through a joint venture for £120 million.
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The acquisition, with an expected total investment of over £700 million, will be the partners’ first expansion of their Sunset Studios platform outside of the US.
The proposed development, which is subject to planning permission, would transform the site into one of the largest world-class film and television studio campuses.
The project is expected to create over 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £300 million annually into the local economy.
The project is expected to create over 4,500 permanent jobs
(Image: Blackstone/Hudson Pacific Properties)
James Seppala, Head of Blackstone Real Estate Europe, said: “We are excited to expand our partnership with Hudson Pacific into the UK, and intend to deliver a world-class studio facility that will help ensure that the UK continues to be a premier destination for content production globally.
“This is a continuation of our thematic investment focus and long-term conviction in media, entertainment and content creation.”
The transaction is a continuation of Blackstone’s existing joint venture with Hudson Pacific, a leading Los Angeles-based office and studio owner and operator.
“Together, Blackstone and Hudson Pacific own a media portfolio that totals 3.5 million square feet, including 35 active sound stages and on-site creative offices, as well as development rights.
Sunset Studios has hosted some of the biggest small and big screen hits including When Harry Met Sally and La La Land as well as numerous Academy Award winning films.
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Victor Coleman, Chairman and CEO of Hudson Pacific, said: “We are thrilled to expand our Sunset Studios platform in the UK, a global hub for film and television production.
“With our expertise developing and operating state-of-the-art media campuses and Blackstone’s resources and existing market presence, we are confident this facility will be in high demand from leading content creators.
“We look forward to working with Broxbourne Council to ensure the project has a meaningful positive impact on the local community.”
Currently, Hertfordshire’s biggest and well known film studios is Elstree Studio in Borehamwood, and of course the Warner Bros. Studio in Leavesden.
Prime Minister, Boris Johnson, said: “This investment is excellent news for the UK’s film and TV industry, pumping hundreds of millions of pounds into the local economy and creating thousands of jobs for the people of Hertfordshire.
“The creative industries are at the heart of our plans to build back better. This will be a hub for both UK and international productions, showcasing home-grown talent on the global stage.”
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https://www.hertfordshiremercury.co.uk/news/hertfordshire-news/huge-world-class-700m-film-5726450
