Elstree Studios will begin work on a new studio early next year after studio owner Hertsmere Borough Council accepted a £2 million loan towards the £4.5 million project.
The money will be used to finance Elstree’s long-standing plans to clear four acres of land at the Hertfordshire facility and build film and television facilities including a third large stage.
Elstree Studios managing director Roger Morris (pictured) said: “The additional production facilities will ensure that Elstree Studios remain one of the UK’s most popular studios for film and television production.
“These expansion plans will help to create even more amazing opportunities for the studios and secure its place at the heart of the film and television industry.”
Council leader and chairman of the board of directors at Elstree Studios, Morris Bright, described the investment in the site as the largest in 15 years.
The funds have been provided by the Hertfordshire Local Enterprise Partnership’s (LEP) Growing Places Fund.
Councillors voted unanimously to formally accept the offer, which was made by the LEP board earlier this year, at a full council meeting on Wednesday last week.
The remaining £2.5 million for the project will be provided by the council.
BBC Studios and Post Production is relocating part of its studio operation to Elstree Studios while Television Centre is redeveloped.