Work will begin on the new Sky Studios Elstree production hub this month after the project received the greenlight from Hertsmere Borough Council.
Sky announced plans to build the film and TV studio last year.
The new 32-acre development is backed by Sky with parent company Comcast, and in partnership with sister-company NBCUniversal. Legal & General is financing for the project.
According to Sky, over its first five years in operation, the new studio will generate up to an additional £3 billion of production investment in the UK’s creative economy from Sky, NBCUniversal and other producers.
The final design for Sky Studios Elstree sees 12 sound stages on site, with the ability to merge together and sub-divide multiple sound stages simultaneously, meaning the biggest sound stages on site can increase to cover 60,000 sq ft if needed.
Sky said the construction phase of the build will contribute £230 million to UK GDP in the period 2020 – 2021. It added the new studio will lead to the creation of over 2,000 jobs in the local area, including 900 during the construction phase and 1,500 once the studio is operational, with a “significant number” of production jobs alongside roles supporting the running of the studio’s operations.
The broadcaster is aiming to make Sky Studios Elstree the most sustainable film and TV production site in the world when it opens in 2022.
Caroline Cooper, chief financial officer, Sky Studios, said: “Even during challenging economic times, Sky Studios Elstree represents Sky’s continued commitment to the UK’s cultural economy, as well as our goal to recruit, train and develop the leading creative talent of tomorrow.
“Alongside our colleagues at NBCUniversal and our partners at Legal & General, we will create a world-leading production studio that will turbocharge Sky Studios’ plans to create even more award-winning Sky Originals for our customers.”