The announcement that the Welsh Government has clinched a significant deal with Pinewood Studios to create a major film and TV production centre in Wales, reflects the steadily improving market, says property adviser GVA.
The new centre is to be located on a 22 acre site in Wentloog on the outskirts of Cardiff, which GVA, together with joint agents JLL, have just sold to the Welsh Government on behalf of Standard Life Investments.
“The potential that this site offered for a regional investment project was clear from the start, and we’re delighted we’ve been able to play our part in bringing about this major project for Wales,” says Tom Merrifield, Head of Agency at GVA in Cardiff.
“After turbulent market conditions for so many years, take-up is steadily improving with Wales potentially at the forefront of on-shoring, given the competitive property costs, public funding support and skilled labour profile. As at Wentloog, there are some world class manufacturing facilities available currently in the region – a great platform to grow from.”
Welsh Government First Minister Carwyn Jones announced last week that Pinewood Studios, arguably the UK’s best known studios famous for iconic films as James Bond and the Carry On series, would create its third UK studio at Wentloog.
The Wentloog Environmental Centre is easily identified by the 120m wind turbine on site, and was the former home of G24i.
It is hoped that Pinewood Studios Wales will be operational later this year.
GVA and JLL negotiated the deal which saw the Welsh Government acquire the site from Standard Life Investments for an undisclosed sum. Pinewood Studios will lease the facility from the Welsh Government for a minimum of five years.