Sky is to build a 32-acre TV and film studio at Elstree, north London.
Legal & General will develop the site and provide financing for the project.
Sky Studios Elstree will be built near the existing Elstree Studios, which is home to British television shows including The Crown, Strictly Come Dancing and The Voice.
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 more than 20,000 sq ft.
Once complete, the initial site will include production offices, a set construction workshop, a screening cinema and state-of-the-art post-production and digital facilities.
The studio space will also play host to major film productions from Universal Pictures, Focus Features and Working Title, and television series from NBCUniversal Content Studios. It will also have capacity to host productions from third-party producers.
L&G is in the process of finalising a detailed design of the scheme and expects to submit a detailed planning application early next year.
Sky Studios Elstree will work in close collaboration with Elstree Studios despite both businesses being managed independently of each other.
Nigel Wilson, chief executive of Legal & General Group, said: “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.”
CBRE is advising Sky.
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
