The UK's film and TV sector is set for a major economic boost with a new state-of-the-art studio at Elstree in North London.

British media group Sky has announced plans to build a 32-acre, state-of-the-art TV and film studio, which would house 14 sound stages and become a new home for the best of British and European creative talent. Once complete, it will also feature production offices, a set construction workshop, a screening cinema and state-of-the-art post-production and digital facilities.

Sky Studios Elstree will generate an additional £3bn of production investment in Britain's creative economy over the first five years of operation, from Sky, NBCUniversal and other producers. It will also create over 2,000 new jobs and help fuel the local economy.

The studio, which is expected to open in 2022 subject to planning permission, will allow Sky to build on its existing work by creating more original content in-house, while continuing to work with independent production companies across Europe.

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The new studio space will also play host to major film productions from Universal Pictures, Focus Features and Working Title, and television series from NBCUniversal Content Studios. It will also have capacity to host productions from third party producers.

Sky Studios Elstree will be situated in the Borough of Hertsmere. Legal & General are in the process of finalising a detailed design of the scheme and expect to submit a detailed planning application early next year.

Sky Studios Elstree will work in close collaboration with Elstree Studios despite both businesses being managed independently of each other.

Jeremy Darroch, Group Chief Executive, Sky, said: "Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world. We know our customers love our award-winning Sky Originals like Chernobyl and our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers. We are proud to be working with our colleagues at NBCUniversal and Comcast, and our partners Hertsmere Council and L&G to bring this project to life. Together we share a joint vision to create a world-leading production capability that will support the creation of thousands of jobs in the creative sector. We can't wait to get started."

Nigel Wilson, CEO of Legal & General Group, added: "The UK is a great place to invest. Growing at twice the speed of the economy as a whole and accounting for over 2 million jobs, our creative industries are a key component of Britain's bright future. This investment is a great match for backing our UK pension promises. Sky, NBCUniversal and Comcast are global leaders in entertainment which will bring the best out of the UK's amazing pool of talent. L&G is thrilled to be playing a supporting role in this major production."

(CM/JG)