Elstree Film Studio Commercial Opportunity

Contract summary

Industry

Construction and Real Estate, Other Services

Location of contract

WD6 1WA

Value of contract

—

Published date

09 March 2017

Closing date

18 April 2017

Contract start date

01 April 2018

Contract end date

31 March 2048

Description

Elstree Studios is a wholly owned and highly successful subsidiary of Hertsmere Borough Council. From its Borehamwood base, Elstree Studios is proud to host major television and film productions which have included Strictly Come Dancing, The Crown, Big Brother, The Danish Girl, Paddington and Suffragette

As part of the next stage of this exciting journey, Hertsmere Borough Council has already decided to build a 21,000 square feet film stage and 26,000 square feet ancillary area similar to the George Lucas Stages at the site. It now wants to explore the potential for developing another stage and facilities that will complement Elstree Studios’ existing footprint.

Before any agreement goes ahead, The Council and Studio will need to ensure that:

o The new facility exists in harmony with Elstree Studios’ current operations and does not compete.
o The build of the new facility is built by and funded by the partner and passed over to Hertsmere Borough Council who would become owners.
o The partner is responsible for the management of the facility and will retain all income.
o The partner will enter into a long term lease (of approximately 30 years) and also a management agreement with Hertsmere Borough Council