Elstree Studios has been awarded a Getting Building Fund grant from Hertfordshire LEP to build two new soundstages at on the site of the former Big Brother house.
Once operational, the new soundstages will create at least 800 new jobs, plus apprenticeship opportunities for local school leavers and the unemployed.
As part of the deal, £100,000 per year from the rental income received by the council will be invested locally into creative industries, including local media and creative enterprises and initiatives—equivalent to 30% of the profits over the project's life.
The studios involvement with Netflix and the series The Crown has had a significant economic impact on the local area.
Hertsmere Borough Council achieves £1.4m in annual revenue and around 400 additional personnel have been employed for The Crown, with spending in the local economy reaching £17,000 per day during television productions and £30,000 per day during film productions.
Hertfordshire LEP has invested £6m towards the project from its £16.8m allocation from Government's Getting Building Fund.
The scheme is supported by a further £6m from studio owners Hertsmere Borough Council.
Hertfordshire LEP previously provided a £1m Growing Places Fund loan to clear a backlot at Elstree Studios. The cleared backlot led to the studio successfully securing the contract for the £100m Netflix series The Crown.
This project was approved by the board on the 24th September 2020.