The Welsh Government has today announced it has sold Seren
Stiwdios in Cardiff to major media infrastructure company Great
Point Studios who have leased the studio since 2020.
The purchase is yet another show of confidence for Wales’
flourishing film and TV industry and in addition to the sale of
the site, the Welsh Government and Cardiff Capital Region have
agreed a funding package of £18m to further develop the studios
and facilities in Wentloog. £12m debt finance has been secured
through the CCR’s £50m Strategic Premises Fund, with £6m in grant
funding through Creative Wales.
The investment will see Great Point Studios further upgrading the
studio to create a self-sustaining, world-class studio facility
that will not only support increased production demand but also
deliver jobs, wealth and growth for the wider supply chain and
region. The addition of a collaborative training facility will
also help to build the supply of local skills and talent and
embed the studio as an innovation hub for virtual production.
The project will deliver 257,000 sq. ft of world-class production
space, with four state-of-the-art studios and a comprehensive
support infrastructure being built over two phases. In addition,
the project will also support up to 750 freelance crew per year,
up from the current 250 and the studio in Wales will become the
headquarters for Great Point Studios.
Great Point Studios is a media-focused company specializing in
film and television infrastructure. The purchase of the Cardiff
facility follows the development of their Lionsgate Studios in
Yonkers, NY, as well as additional studio campuses Buffalo, NY
and Newark, NJ. . Earlier this year, Great Point also
announced the building of a major new production facility in
Atlanta, Georgia – an area Economy Minister, is visiting today as part
of a US visit.
Deputy Minister for Arts, Sport and Tourism, , said: “This is a
very exciting time for the Creative sector in Wales - and Great
Point Studios purchase of the studio and their planned investment
is another show of confidence in Wales as a brilliant and
established location for film and TV
productions.
“This investment will create further jobs and help to cement a
strong future for the sector – reinforcing the great demand and
respect for our highly skilled creative workforce here in
Wales.”
Great Point Studios Founder and CEO Robert
Halmi said, “Cardiff has a thriving creative
community and offers highly skilled industry professionals not to
mention a beautiful setting for any location filming. With the
continued strong demand for content, purchasing Seren Stiwdios
and expanding our footprint in Wales was a natural next step. We
look forward to continuing our commitment to education, local
community involvement and further developing many opportunities
at Great Point Studios Wales as the country continues to
experience such tremendous growth."
Councillor , Leader of Torfaen County
Borough Council and Chair of CCR’s Regional Cabinet
noted the important timing of the investment:
“This investment will enable the current Seren Studios site to
realise its full potential as a key part of the CCR Creative
Industries priority sector. It comes at a time when Film & TV
production is changing shape worldwide - and will enable our
Region to play an increasingly impactful global role in a
creative industry that brings immense value, in terms of both
sustainable job creation and the deepening of local supply
chains.
“I’m delighted that all the hard work put in by so many people
has delivered such a tremendous result - for a development that
perfectly encapsulates the aims and objectives of the CCR
Regional Economic & Industrial Plan, and our ambitions to
nurture ‘Good Growth’ across the Region.”
Notes to editors
- Seren Studios is film studio in Wentloog, Cardiff extending
to 182,292 sq ft. The property was acquired in 2014 for £5.25 m
as part of the Pinewood Studio project and subsequently converted
to a studio at a cost of £1.5m.
- On 1st October 2020 a 10 year lease was granted to
Great Point Studios. On completion of the lease the parties also
entered into an option agreement that provided Great Point
Studios with an opportunity to purchase the freehold of the
property between 1st April 2022 and 31st
March 2025.
- The studios have been sold to Great Point Studios Limited for
the sum of £9.35m excl VAT
