Elstree Studios owner Hertsmere Borough Council is to bring in an external consultant to determine the “strategic future” of the studios.
The council says the current physical infrastructure and IT systems of Elstree need significant investment of around £150m-£200m and external investors could now be sought.
Since 2007, the Elstree Studios site has been managed by Elstree Film Studios Ltd with all shares owned by Hertsmere Borough Council (HBC).
HBC says the site, much of it built in early 1900’s, demands significant investment in its major infrastructure. It’s current assessment indicates that the Studios needs a minimum of £150m – £200m investment.
HBC are now looking into the possibility of either inviting expressions of interest from “external investors to secure the Studios long term future” or “from Studios operatives in the industry who are keen to operate and invest in Elstree Studios in return for a long lease.”
A further alternative is to “explore alternative re-development options which are aligned to the Council’s vision and priorities.” However , a spokesperson for Elstree Studios commented: “Elstree is a thriving studio, but with ageing infrastructure it is prudent to look at investment and revitalisation. The new Platinum Stages opened last summer and are a great example of Hertsmere Borough Councils (HBC) commitment to the site and continued investment. However, HBC must demonstrate value and will explore multiple options regarding the future of the site.”
Jon Creamer
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