Los Angeles real estate company Hackman Capital Partners has agreed a deal with Barking and Dagenham Council to invest in the planned Dagenham East Studio complex.
The company, which also owns studios throughout the United States, has agreed to invest £300 million over three years to build up to 12 sound stages, three acres of backlot space for scene sets and offices on 500,000 sq ft of former factory land near Dagenham East station.
Construction on the new complex is expected to begin next year, with productions expected to start by mid-2022.
Council leader Darren Rodwell said: “Dagenham used to be famous for factories and Ford but in the future, we will be equally famous for making films. It’s not for the glamour or glory. It’s about bringing in thousands of jobs, providing education and training opportunities for local young people and giving people hope in these gloomy Covid times.
“I’m hugely proud to announce HCP as our partner. They are the right people at the right time. It’s the ‘reel deal’ for our borough, London and the UK.”
The council estimates the new complex will bring 1,200 extra jobs to Barking and Dagenham and add £35 million a year to the local economy.
Mayor of London Sadiq Khan said the studios will help London’s economy recover after the pandemic.
“This is a very special moment for Dagenham, our capital and all those who have been working hard to realise this bold vision of bringing new world-class film studios to east London,” he said.
“It is a very significant investment that will inspire further development and creative opportunities, and secure our position as a global capital for film and TV. We are already seeing that the success of this industry will help our economy to recover from the impact of the pandemic, and these studios will play a key role in our city’s future.”