Sky, NBCUniversal and Legal & General have received green light from Hertsmere Borough Council for Sky Studios Elstree scheme, the UK’s new 32-acre, state-of-the-art TV and film studio at Elstree in Hertfordshire.
”The development represents a significant investment in the UK and European creative economy and will be made with the backing of Sky’s owner Comcast and in partnership with sister-company NBCUniversal,” said Legal & General in the statement.
Legal & General will be financing and developing the scheme, which is located in the borough of Hertsmere, north of London. Work to clear the site ready for construction begins this month.
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Over the first five years of operation, it is expected that Sky Studios Elstree will generate up to an additional £3 billion of production investment in the UK’s economy.
The construction phase of the build will contribute £230 million to UK GDP in the period 2020 – 2021, the company said.
Sky Studios Elstree is expected to create over 2,000 jobs in the local area, including 900 during the construction phase and 1,500 once the studio is operational. The full-time roles will include a significant number of production jobs alongside roles supporting the running of the studio’s operations.
”This is a critical investment for the UK’s bounce back. Landmark construction projects are rocket fuel for the economy and investing in our creative industries has never been more important. As a global leader, Sky attracts and retains the best talent, continuing to bolster the UK’s entertainment sector whilst driving job creation and economic growth. At Legal & General, we back our pension promises by using society’s capital for society’s benefit. This is a perfect match for our Inclusive Capitalism strategy,” said Nigel Wilson, CEO, Legal & General.
”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,” said Caroline Cooper, Chief Financial Officer, Sky Studios. ”We would like to thank Secretary of State, Oliver Dowden MP, Cllr. Morris Bright MBE and Hertsmere Borough Council for supporting the project, providing useful guidance and feedback to ensure the project further boosts the local economy and celebrates the best of British and international creativity.”