L&G to finance and develop new 32-acre Sky TV and film studio at Elstree

Legal & General is planning to finance and develop a new 32-acre TV and film studio at Elstree in north London.

The development of Sky Studios Elstree in the Borough of Hertsmere – which is subject to planning consent – is being backed by Comcast the parent company of media group Sky and in partnership with sister-company NBCUniversal.

Financial details were undisclosed.

Legal & General are in the process of finalising a detailed design of the scheme and expect to submit a detailed planning application early next year.

The complex, expected to open in 2022, will be able to facilitate the production of several films and TV shows simultaneously, with each of the 14 sound stages covering over 20,000sqft.

Legal & General are in the process of finalising a detailed design of the scheme and expect to submit a detailed planning application early next year.

Jeremy Darroch, group CEO, Sky, said: “We are proud to be working with our colleagues at NBCUniversal and Comcast, and our partners Hertsmere Council and L&G to bring this project to life.

“Together we share a joint vision to create a world-leading production capability that will support the creation of thousands of jobs in the creative sector. We can’t wait to get started.”

Sajida Bijle, interim managing director of Hertsmere Borough Council, said: “This presents a fantastic opportunity to strengthen our creative industries in Hertsmere and build on our proud film and television heritage in the Borough.

“This scheme would bring significant employment opportunities to the region and put Elstree firmly on the global stage, whilst enhancing our local film tourism.”

Bijle said there will be opportunities for people to see the plans and to comment on the proposals once a formal planning application is submitted.

Nigel Wilson, CEO 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. Sky, NBCUniversal and Comcast are global leaders in entertainment which will bring the best out of the UK’s amazing pool of talent.”