CBRE advises Blackstone and Hudson Pacific Properties on plans for new world-class UK film and TV Studios
Global real estate advisor CBRE has advised Blackstone and Hudson Pacific Properties on the location sourcing and acquisition of a 91-acre site in order to create a major new centre for film, TV and digital production in Broxbourne, Hertfordshire. CBRE’s planning team are also continuing to advise on the project and will be seeking to secure the relevant planning permissions for the scheme.
The project funds are managed by Blackstone Real Estate Partners and Hudson Pacific Properties. The site has been acquired through a joint venture for £120 million. The acquisition, with an expected total investment of over £700 million, will be the partners’ first expansion of their Sunset Studios platform outside of the US.
The proposed development, which is subject to planning permission, would transform the site into one of the largest world-class film and television studio campuses. The project is expected to create over 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £300 million annually into the local economy.
Simon Calvert, Senior Director, CBRE commented: “This is a landmark project which will be a massive boost to the creative industries and we are excited to be advising. Streaming companies and production firms are currently seeking in excess of two million sq. ft of studio space across the UK and CBRE continues to advise on these requirements.”