AROUND 3,000 jobs will be created when Hollywood opens a new UK arm in Shinfield.
All being well, Shinfield Studios will open in late 2022 after agreement in principle was reached between the University of Reading, Commonwealth Real Estate and Wokingham Borough Council.
It will be part of the university’s Thames Valley Science Park and sees the film studios investor, based in Los Angeles, bring major Hollywood film productions to the UK, as the studios will be some of the biggest in the world.
Alongside it will be a new television studio, which the University hopes will be operational next year.
The aim is to help students and graduates by providing practical opportunities for them, while attracting creative and digital businesses to the Thames Valley.
READ MORE: Hollywood: Plan to build UK’s biggest film studios in Shinfield
The film studios are expected to create around £500 million of annual inward investment to the UK and create 1,500 new jobs, and supporting up to 1,500 further indirect jobs.
The Vice-Chancellor of the University of Reading, Professor Robert Van de Noort, said that he was delighted that the agreement had been reached as it will being Hollywood investment to Wokingham borough.
“It is a credit to the hard work and determination of everyone involved to have concluded a transaction while negotiating through challenging restrictions on movement and travel,” he said.
“This lease presents a superb opportunity for the University and facilitates an exciting development for the wider community, and we look forward to Commonwealth bringing their vision to life.”
Shinfield Studios is expected to cost more than £200 million to create according to Nick Smith, the company’s managing director, who said there was a need for such a facility, while Lambert Smith Hampton estimate that an additional 1.8 million sq ft of studio space will be required by 2025, as streaming companies such as Netflix, Disney+ and Amazon look to create more dramas such as The Crown, Star Trek: Picard, and Star Wars: Jedi Temple Challenge.
“Britain has an enviable array of filmmaking talent, but the industry is short of high-quality studio facilities capable of catering for the new and emerging technologies that will form the core of television and film production in the future,” explained Mr Smith, who has more than 25 years in the industry, and previously served as executive commercial director on the board of nearby Pinewood-Shepperton studios.
Adam Fisher, Commonwealth Founder and Chief Investment Officer (CIO), added: “We are very excited about the prospect of investing in the UK creative industries as one of the most vibrant markets in the world.
“We look forward to building partnerships across Wokingham and Reading to make this project a resounding success.
“Our ambitions for the new studio will be of real benefit to the local economy and the UK as a whole.”
There is also praise for the scheme from politicians.
The minister for investment, Gerry Grimstone, said that the project is both a huge boost for Wokingham’s economy and a win-win for the nation.
And Cllr John Halsall, leader of Wokingham Borough Council, said: “This is very welcome news for people in Wokingham and the wider region.
“Wokingham has a strong record of supporting world-class businesses, including existing links with the film industry.
“We look forward to providing everyone involved with the opportunity to put their plans and views forward as part of our usual rigorous planning process.”
