AXA IM Alts has secured planning consent for the redevelopment of approximately 50% of the BBC Elstree Centre TV and film studio.
The proposals include the transformation of current studios and ancillary spaces into a 266,000 sq ft modern media campus called Fairbanks Studios.
The remaining circa 50% of the 16-acre site was recently upgraded by the BBC, which occupies the site under a long-term lease.
Designed by UMC Architects, the redevelopment will more than quadruple the stage space to approximately 100,000 sq ft across five state-of-the-art sound stages, ranging in size from 16,000 sq ft to 21,000 sq ft. The expansion also includes a new workshops, offices, a café, base camp, backlot and improved cycle and parking facilities.
Specialist film and TV studio developer and operator Oxygen Studios has been appointed to advise on the project, with construction planned to start later this year.
Rob Samuel, head of UK development at AXA IM Alts, said: “These studios have played an important role in the establishment and evolution of the UK TV and film industry for over a century, since the Neptune Film Company first opened its doors in 1914. We are proud to be moving forward with the redevelopment, continuing that legacy by delivering state-of-the-art studios that will support the growth of Britain’s creative sector and bring lasting benefits to the local area through employment opportunities, architectural distinction and sustainable design. Our rebranding of the site to ‘Fairbanks Studios’ pays homage to the campus’s heritage while allowing us to send a clear signal to the production companies that there’s a state-of-the-art new facility available for use.
“With demand for content continuing to increase and with consumers able to choose from a growing number of entertainment platforms, the supply of high-quality space for television and film production has not been able to keep pace. Our transformative plans for Fairbanks Studios, which follow our recently commenced modernisation and extension of the Bry-sur-Marne film and series studios in Paris, will help us address that imbalance and provide us with critical mass as well as further expertise in an emerging asset class where we have a strong conviction.”
