BNP Paribas Real Estate, acting on behalf of the landowners of Park Plaza West, has announced the £120 mln (€140 mln) sale of Park Plaza West, Waltham Cross to production house Sunset Studios.
Representing a joint venture between Blackstone and Hudson Pacific Properties, the acquisition of the 91-acre (37 ha) site located at Junction 25 of the M25 Motorway, marks the partners’ first expansion of their Sunset Studios platform outside of the US.
Sunset Studios proposed £700 mln development, which is subject to planning permission, would transform the site into a film and television studio campus. The development is expected to create over 4,500 permanent jobs for Broxbourne and the surrounding community and contribute more than £300 mln annually into the local economy.
In 2011 the landowners appointed Commercial Estate Group to promote the site through the Emerging Broxbourne Local Plan. This was adopted in June 2020 and the site was then allocated for the development of a business campus of up to 100,000 m2 of floor space.
Edward Smith, senior director and head of national office agency at BNP Paribas Real Estate comments: 'This deal represents a 10-year journey for us and our client the Landowners working with our fantastic partners Commercial Estates Group and it is a testament to the hard work and passion of the team that the deal has been completed.
'The UK requires investment and ambition as it looks to emerge from under the economic cloud of the pandemic. Sunset Studios has proposed a world–class film and television studio campus for the site which has the potential to have a transformational impact on the local economy. It will be hugely exciting to see them harness the potential of a truly great site, and further enhancing the UKs global reputation for film and TV excellence.'
The landowners were represented by BNP Paribas Real Estate and Payne Hicks Beach, Commercial Estates Group by DTRE and Reed Smith, and Sunset Studios by CBRE and Bryan Cave Leighton Paisner LLP.