Institutional investment firm Blackstone and real estate outfit Hudson Pacific Properties are planning a $1BN film and TV studio development in the UK’s Hertfordshire. The project is an expansion o…
Institutional investment firm Blackstone and real estate outfit Hudson Pacific Properties are planning a $1BN film and TV studio development in the UK’s Hertfordshire., which has housed shoots includingThe partners have purchased a 91-acre site, 17 miles north of central London, through a joint venture for $120M. The build, which is subject to planning permission, is expected to be large enough to create 4,500 permanent jobs and inject £300M into the local economy.
This is the latest development in the feverish expansion of UK film and TV shooting space – dubbed the ‘space race’ – with the country’s creative industry rapidly growing in recent years as U.S. studios target the generous tax credit, existing quality studios, highly-skilled crews and readily available creative talent.Recent research conducted by Lambert Smith Hampton projected an estimated 2.3 million sq ft of additional studio space would be required by 2033.
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