PLANS for a world-class film studio complex are being presented to the investment market, with the final funder and developer set to be confirmed by autumn.
Sunderland City Council is moving to test the appetite of the wider investment market for its Crown Works Film Studios, with the appointment of an agent CBRE, who will be engaging investors including Cain International, who were part of a JV with Fulwell Entertainment that first tabled proposals for a studios.
The council have confirmed that they will be engaging the investment market, to ensure that they secure the best partner to push ahead with the studio plans. The process, which will take place over the summer, gives interested parties a window of opportunity to commit to develop first phase of studios. A final decision will then be made by Sunderland City Council on who will progress with the studios.
As the development of Crown Works may see the council disposing of a land asset – 30 hectares of land on the banks of the Wear – market testing is required to ensure that the proposed developer(s) plans represent the best opportunity for the local authority to progress with, in respect of the benefits it will deliver for the city.
Councillor Michael Mordey, leader of Sunderland City Council, said: “These studios represent a game-changing opportunity for the city and we cannot wait to see them progress.
“There’s an absolute commitment to deliver the best possible delivery partner to move this forward and we expect that we will have funding confirmed and ready to progress the first phase of the studios by the time remediation works complete later this year.”
A programme of remediation work is now on-site, instructed by Sunderland City Council using funding from UK Government unlocked through the North East Combined Authority, to prepare the former Crown Works site for development.
The studios will provide infrastructure that North East Screen Chief Executive Alison Gwynn said will underpin the region’s success in the sector.
She said: “The region is 100% committed to studio development as part of their support for the wider creative industry.
“Film and TV production in the North East is up 131% over the last three years and we recently saw one of the most eagerly anticipated blockbusters, 28 Years Later, showcase not only some outstanding locations, but also some epic scenes created here in our alternative studio space. Not only did they shoot more than 80% of the film in the region, but they also were based here for over nine months.”
“We are now excited to be looking for the right investor for the next stage of our regions growth. The North East have never been in a better position to make the most of these exciting opportunities.”
Creative Industries are at the heart of Government’s priorities in its Industrial Strategy. It is one of eight key growth sectors identified in the Strategy, with a published Sector Plan demonstrating a commitment to investment, IP protection and enhanced R&D for the sector.
