A new report has revealed Elstree Film Studios requires significant investment in order to “replace life-expired buildings and ensure its competitiveness beyond the 21st century.”
The report has been commissioned by Hertsmere Council, which owns and operates Elstree.
It says that due to the age of studios, much of it built in early 1900’s, the site “demands significant investment in its major infrastructure such as roofs, flooring, replacement of windows, replacement of electrical wiring and mechanical plant replacements”.
It adds that Elstree needs a minimum of £150 million – £200 million investment to replace life expired buildings and ensure its competitiveness beyond the 21st century.
The report also states that much of Elstree’s IT infrastructure is “severely outdated and needs substantial and urgent upgrades”.
It suggests that the council appoints a film and television industry specialist consultant to provide the council with market intelligence and industry trends to help it “make a fully informed decision on Elstree, any future investment, as well as options available for the strategic management of the studios.”
The council could invite “expression of interest” from external investors to secure Elstree’s long-term future, said the report, or look for companies that would be willing to operate and invest in the studios in return for a long lease.
The council is due to discuss the report on Wednesday.
In a statement, Cllr Jeremy Newmark, leader of Hertsmere Council, said: “Elstree Studios are thriving and the new Platinum Stages which opened last summer are a great example of our commitment to the site and our continued investment.
“It’s also prudent that we look at opportunities to invest in and revitalise other significantly older parts of the site so that we can open up further exciting opportunities for this valuable asset for the borough and our residents,” he added.
“This initial action plan will ensure the site remains competitive and aligned with emerging and exciting trends in the industry.”
The full document is available to read here.