Pinewood Studios is to open a new £90m facility at the former Energy Centre at Wentloog, Cardiff.
The plans, unveiled today, will cover 180,000 sq ft and will see the studio behind the James Bond franchise create its first permanent presence in Wales.
The Welsh government will own the property, which was marketed by vendor Standard Life at a quoting price of £6.95m. The lease is expected to be upwards of five years in length. It is made up of 113,000 sq ft of production and warehouse space, 56,000 sq ft of office space and 10,000 sq ft of plant space.
GVA and Jones Lang LaSalle acted for Standard Life.
Chris Sutton of Jones Lang LaSalle said: “This is a welcome investment in the Welsh economy and reflects the upturn in inward investment enquiries. The choice of Wentloog Energy Centre illustrates the clear focus by new and emerging industries upon new and modern floorspace.”
Pinewood Shepperton chief executive Ivan Dunleavy said: “We are delighted to have agreed with the Welsh government to advise it on its television and film funding initiative. This builds on our success with Pinewood Pictures and managing the Isle of Man Treasury Film and Television Fund. Our combined advisory investment funds now total £55m making them one of the largest investment portals for new British television and film content.
“The new fund together with the new facility will do much to boost the Welsh film and television sector. The fund is also another step forward for creating a sustainable UK film and television production centre.”
chris.berkin@estatesgazette.com
