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French investment firm AXA IM Alts bought half of BBC's Elstree site in January 2024 for 拢70m. It has now received resolution to grant consent for its redevelopment into a new film and TV campus, which will be rebranded as Fairbanks Studios, after its former owner, Hollywood star Douglas Fairbanks Jr.

The proposals include the transformation of current studios and ancillary spaces into 266,000 sq ft of modern media campus for the TV and independent film industry. The remaining 50% of the 16-acre site was recently upgraded by the BBC, which occupies the site under a long-term lease, primarily to film its EastEnders soap opera.

Specialist film and TV studio developer/operator Oxygen Studios has been appointed to advise on the project, with construction planned to start later this year.

The redevelopment, designed with an art deco frontage by UMC Architects, will more than quadruple the stage space to approximately 100,000 sq ft across five sound stages, ranging in size from 16,000 to 21,000 sq ft. The expansion also adds new workshops, offices, a caf茅, base camp, backlot, and improved cycle and parking facilities. A new 鈥榤edia hub鈥� will offer 58,000 sq ft of office and amenity spaces across five storeys, for media-related industries and businesses directly connected to the studios.

Rob Samuel, head of UK development at AXA IM Alts, said: 鈥淭hese studios have played an important role in the establishment and evolution of the UK TV and film industry for over a century, since the Neptune Film Company first opened its doors in 1914. We are proud to be moving forward with the redevelopment, continuing that legacy by delivering state-of-the-art studios that will support the growth of Britain鈥檚 creative sector and bring lasting benefits to the local area through employment opportunities, architectural distinction and sustainable design. Our rebranding of the site to 鈥楩airbanks Studios鈥� pays homage to the campus鈥檚 heritage while allowing us to send a clear signal to the production companies that there鈥檚 a state-of-the-art new facility available for use.鈥�

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