Sky has announced it plans to develop a new 32-acre, state-of-the-art TV and film studio at Elstree in Hertfordshire.
The company says the proposed development represents a significant new investment in the UK and European creative economy.
According to the statement, the new Sky Studios Elstree will generate an additional £3 billion of production investment in the UK’s creative economy over the first five years of operation, from Sky, NBCUniversal and other producers.
Subject to planning consent the 32-acre development is expected to open in 2022 and will be able to facilitate the production of several films and TV shows simultaneously, with each of the 14 sound stages covering over 20,000 sqft.
“Once complete, the site will include production offices, a set construction workshop, a screening cinema and state-of-the-art post-production and digital facilities”, Sky added.
Legal & General will develop the site and provide financing for the project. The investment is expected to create 2,000 new jobs.
Sky Studios Elstree will be situated in the borough of Hertsmere. Legal & General are in the process of finalising a detailed design of the scheme and expect to submit a formal planning application early next year.
“Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world. We know our customers love our award-winning Sky Originals like Chernobyl and our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers. We are proud to be working with our colleagues at NBCUniversal and Comcast, and our partners Hertsmere Borough Council and L&G to bring this project to life. Together we share a joint vision to create a world-leading production capability that will support the creation of thousands of jobs in the creative sector. We can’t wait to get started,” Jeremy Darroch, Group Chief Executive, Sky.
“The UK is a great place to invest. Growing at twice the speed of the economy as a whole and accounting for over two million jobs, our creative industries are a key component of Britain’s bright future. This investment is a great match for backing our UK pension promises. Sky, NBCUniversal and Comcast are global leaders in entertainment which will bring the best out of the UK’s amazing pool of talent. L&G is thrilled to be playing a supporting role in this major production,” Nigel Wilson, CEO of Legal & General Group.