A new £700 million TV and film facility, which could become one of the UK’s largest production locations, is set to be built in Broxbourne, Hertfordshire.
Funds managed by Blackstone Real Estate Partners and Hudson Pacific Properties have acquired a 91-acre site. 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 United States.
The development, which is subject to planning permission, is expected to create over 4,500 permanent jobs and contribute more than £300 million annually into the local economy.
The project has the backing of the UK government, with culture minister Oliver Dowden stating: “This new studio is yet another vote of confidence in the UK’s booming film and TV industry. Through the British Film Commission, we’re supporting the development of stage spaces like this across the UK – boosting the local economy and backing our world-class creatives to make the next Bond blockbuster or bingeworthy box set.”
James Seppala, head of Blackstone Real Estate Europe, added: “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.”