Sky Studios will attract £2B ($2.7B) worth of production investment to the UK over the next five years, it has said, after being given the go-ahead for a huge expansion of its Elstree site.
The long-gestating expansion, which was denied last year over environmental concerns, will see the Wicked and Jurassic World studio grow by 10 stages. Dubbed Sky Studios Elstree North, the plans would take the total number of sound stages onsite to 22, set over 65 acres, with 470,000 sq ft of stage space for filming.
Sky said the expansion will “unlock development that is expected to create over 2,000 jobs and attract £2bn of production investment to the UK within the first five years of operation.”
Sky Studios Elstree opened in Hertfordshire, near London, around three years ago, and has hosted the likes of Wicked, Paddington in Peru, Jurassic World: Rebirth and Sky originals like Mr Bigstuff. Sky said it also has plans to “significantly benefit the local area” with the expansion including jobs for local people and environmental protections, the latter of which initally caused the application to be refused by the local council. The original site was financed through Sky Legal & General’s annuity portfolio, which spends money on infrastructure projects. Sky is not saying how much the expansion will cost.
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UK Chancellor Rachel Reeves hailed the move as “a massive vote of confidence in the UK’s world-leading film and TV sector that will create thousands of new jobs and boost investment into the UK, ensuring Elstree’s status as a hub of British creativity and innovation.”
“This government is backing the builders, not the blockers,” she claimed. “By cutting unnecessary red tape and transforming the planning system, we are getting Britain building and bringing in private investment to build an economy that rewards working people.”
Sky boss Dana Strong added: “The UK’s media and entertainment sector is a global powerhouse, and the expansion of Sky Studios Elstree will elevate it even further, creating thousands of jobs and opening doors for the next generation of British talent. With the government’s continued support through business rates relief and film and TV tax incentives, our creative economy is poised to be a driving force of UK growth.”
The move is the latest big expansion in the UK studio landscape, which serves the nation’s multi-billion pound film and TV industry. A planning decision on the £750M Marlow Film Studios in Buckinghamshire, which is backed by James Cameron, is expected in the coming fortnight.