A £700 million film and TV studios facility will be instituted and will generate more than 4,500 jobs in Hertfordshire, a US private equity firm has declared.
Global investor Blackstone and real estate jobs giant Hudson Pacific Properties have revealed plans to launch a “film, television and digital production center” in Broxburn to compete with Warner Bros.
The site is about 20 miles east of the Warner Bros. Studio in Livesden, home to the Harry Potter series. It is understood that the new studio plans to be larger than other competitors, such as Pinewood Studios in Buckinghamshire, where James Bond and Star Wars movies are filmed.
The development project will be the first operation of Sunset Studios outside of the United States; the association manages four studios. Blackstone and Hudson Pacific acquired 91 acres of land 17 miles north of central London through a joint venture for 120 million pounds.
The two companies said that the total investment in the project is expected to exceed 700 million pounds, including the purchase of land, and the project will create more than 4,500 permanent jobs.
James Seppala, head of Blackstone Real Estate Europe, said: “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.
Victor Coleman, chairman and chief executive officer of Hudson Pacific, said: “With our expertise developing and operating state-of-the-art media campuses and Blackstone’s resources and existing market presence, we are confident this facility will be in high demand from leading content creators.
“We look forward to working with Broxbourne Council to ensure the project has a meaningful positive impact on the local community.”
Prime Minister Boris Johnson said the investment was “excellent news” for the UK’s film and TV industry.
He said: “The creative industries are at the heart of our plans to build back better. This will be a hub for both UK and international productions, showcasing home-grown talent on the global stage.”
Culture Secretary Oliver Dowden said: “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.”