Government reveals plans for north-east production powerhouse
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Following the announcement during the recent budget that Crown Works Studios in Sunderland would receive up to £120m funding, the Government has released more on its plans for the north-east to become a production powerhouse.
The funding will give regional leaders the greenlight to kickstart Crown Works Studios in Sunderland, set to be of one of Europe’s largest studio complexes.
As part of the recent Spring Budget, the Government had announced a “trailblazer” deeper devolution deal with the North East Mayoral Combined Authority (NEMCA), which will empower local leaders with funding and tools to deliver local regeneration priorities, building on plans to level up across the north-east.
This includes £37m of flexible funding for the remediation of brownfield sites and acceleration of regional projects. Subject to business case, NEMCA intends to use £25m of this funding to remediate the prospective Crown Works Studios site, laying the ground for development of the studio facilities. It is hoped the development will create around 8,000 jobs in the region.
Alongside this, government will work towards the designation of a specific ‘growth zone’, in which North East local authorities will be able to retain 100% of business rates growth for the next 25 years. Subject to business case, NEMCA plans to designate the prospective Crown Works Studios site as a ‘growth zone’.
Crown Works Studios is from FulwellCain, a joint venture with a £450m investment from Fulwell 73 and Cain International and backed by Sunderland City Council. The new complex is expected to transform the regional economy, generating £336m Gross Value Added (GVA) a year locally.
Leo Pearlman, managing partner of Fulwell 73, said: "Crown Works Studios will help transform Sunderland into a global hub for big budget film and TV production - and enable the North East to play a leading role in our most exciting sector. This funding will kick start a project that will eventually bringing an annual economic boost of £336m to the North East - while also enhancing the UK's studio capacity to help us remain globally competitive.”
Image via Fulwell 73.
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