Legal & General and Sky have got the go ahead to build a 32-acre TV and film studio at Elstree, north London.
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. Legal & General will be financing and developing the scheme.
Work to clear the site ready for construction begins this month.
L&G chief executive Nigel Wilson said: “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.”
The final design for Sky Studios Elstree will incluide 12 sound stages on site, with the biggest increasing to 60,000 sq ft if needed. The total area of the site will cover the equivalent of 17 football pitches.
In line with Sky’s commitment to become net zero carbon by 2030, and matching Legal & General’s drive to deliver major ESG projects, it is expected that Sky Studios Elstree will become the most sustainable film and TV production site in the world when it opens in 2022.
The studio will have the capability to generate 20% of its own energy on site through solar energy, will harvest rainwater for use on site, and will have a single-use plastics ban across the site.
Morris Bright, leader of Hertsmere Borough Council, which consented to the scheme, said: “We have a long and illustrious reputation for film and television production in our borough. This exciting development means the creative industries will continue to thrive in Hertsmere. With the council-owned Elstree Studios, nearby BBC Elstree and now Sky Studios Elstree, this really does mean the return of the British Hollywood to our borough.”
CBRE advises Sky.
