Sunderland City Council has appointed CBRE as it seeks investors for the proposed Crown Works Studios.
The global real estate advisor will act on the council’s behalf to engage with potential investors, developers and operators, managing interest to develop a studio at the former shipyard site.
The appointment of CBRE, which previously advised Sky on the Sky Studios Elstree project, marks a “significant milestone” in the development, which aims to transform the Wearside site into a 1.5 million square foot TV and film production facility.
Planning permission has been secured for the initial phase, and the development has already received £25 million in government funding for site remediation, with both the Prime Minister and Secretary of State for Culture, Media and Sport declaring their support.
Commenting, Councillor Michael Mordey, leader of Sunderland City Council, said, “Appointing CBRE is a pivotal and strategic step in securing the right investor and development partner to deliver this transformational scheme. Their global reach, experience and industry knowledge is highly impressive and we, and they, are very positive and determined that Crown Works Studios will be delivered but now with a new partner. Our ambition has not wavered, so we will keep pushing forward.”
Andy Byrne, Northern TMT lead for CBRE, added: “CBRE is excited to bring this opportunity to the market. Sunderland City Council is at the forefront of regeneration in this region and have ambitious plans to see world-class film and TV production space brought forward to match the demand for purpose-built studio space. This scheme is set to be a catalyst for great things within the region.”
Crown Works will benefit from a public funding package totalling £120 million secured from the North East Combined Authority and North East Mayor, in addition to the UK government award. It is expected this will help attract private sector interest. Figures from North East Screen indicate a surge in production spend in the region over the last three years.
Alison Gwynn, chief executive of North East Screen, said: “We are witnessing a landmark moment for creative industries here in our region and Crown Works Studios will provide ground-breaking facilities and the infrastructure we need to build on our recent 131 per cent growth in production. It will support a sustainable, thriving sector that is growing month on month, year on year right here in the North East.”
