The University of Reading has signed an agreement with affiliates of Commonwealth Real Estate LP, a film studios investor based in Los Angeles, for a long lease of land at the University’s Thames Valley Science Park campus which will see the development of a major film studio and creative media campus.
The deal, which was originally announced in February, will see a new £150 million complex, named Shinfield Studios, open in late 2022. According to the University, the studios studios will create around 1,500 new jobs, and supporting up to 1,500 further indirect jobs.
Professor Robert Van de Noort, vice-chancellor of the University of Reading, said, “We are delighted that this agreement has been reached, which will bring welcome significant Hollywood investment, creativity and job opportunities to Reading, Wokingham and the wider Thames Valley. It is a credit to the hard work and determination of everyone involved to have concluded a transaction while negotiating through challenging restrictions on movement and travel. This lease presents a superb opportunity for the University and facilitates an exciting development for the wider community, and we look forward to Commonwealth bringing their vision to life.”
Nick Smith, managing director of Shinfield Studios, added: “Britain has an enviable array of filmmaking talent, but the industry is short of high-quality studio facilities capable of catering for the new and emerging technologies that will form the core of television and film production in the future.
“Completing this exciting transaction is a big step forward and we look forward to ongoing consultation and engagement with all local stakeholders as this project advances.”
Shinfield Studios is the second big studio development announcement in as many days, following yesterday’s news of a new complex being built in Park Royal, London.