Plans unveiled for ‘world-class’ film and TV studios in Hertfordshire
The proposed development, Sunset Studios, which is subject to planning permission, would transform the site into one of the largest film and television studio campuses.
Funds managed by Blackstone Real Estate Partners and Hudson Pacific Properties acquired a 91-acre site, 17 miles north of central London, through a joint venture for £120m.
The acquisition, with an expected total investment of over £700m, will be the partners’ first expansion of their Sunset Studios platform outside of the US.
The project is expected to create over 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £300m annually into the local economy.
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.
“This is a continuation of our thematic investment focus and long-term conviction in media, entertainment and content creation.”
Victor Coleman, chairman and CEO of Hudson Pacific, said: “We are thrilled to expand our Sunset Studios platform in the UK, a global hub for film and television production.
“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: “This investment is excellent news for the UK’s film and TV industry, pumping hundreds of millions of pounds into the local economy and creating thousands of jobs for the people of Hertfordshire.
“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.”
Sunset Studios has hosted some of the biggest small and big screen hits including When Harry Met Sally and La La Land as well as numerous Academy Award winning films.
Source: pbc today