UK Leasing

Blackstone and Hudson Pacific Obtain Planning Committee Approval for UK Studio (NYSE:HPP)

xijian/iStock via Getty Images

Black stone (NYSE: BX) and Hudson Pacific Properties (NYSE: HPP) plan to begin development of a new film and television studio in the UK in the second half of 2022 after recently receiving the green light for the project by a local planning committee.

Sunset Waltham Cross Studios, which will be located just north of central London, will include 21 soundstages totaling 470,000 square feet, 420,000 square feet of workshop and mill space and 250,000 square feet of production office and of support space adjacent to the stage. The facility will be located on a 91 acre site in Broxbourne, Hertfordshire.

Potential delivery of the project is expected by the end of 2025. Sunset Waltham Cross is the first expansion of Blackstone (BX) and Hudson Pacific (HPP) outside the United States and is jointly owned by Sunset Studios, which now includes five facilities and more than 60 stages.

Sunset Waltham Cross is aiming for LEED Gold certification and a BREEAM Excellent rating, which would put the project in the top 10% of buildings in the UK for sustainability, the companies said.

The project is expected to create over 4,800 jobs in and around Broxbourne and contribute over £300million a year to the local economy.

The Hudson Pacific (HPP) stock is up 1.2% in Tuesday morning trading, and Blackstone (BX) is climbing 4.2%.

Last month, Bank of America downgraded Hudson Pacific (HPP) to Neutral from Buy because some of its price discovery and leasing progress was taking longer than expected.