Better know as a record producer, Millar is due to move into the former Sony-owned facility in March and will be ready for the doors to open early this summer.
"The closing of the studio was a massive body blow to the London media scene," said Millar, explaining his decision to purchase the Whitfield Street Studios. He plans to invest in the Whitfield Street site and turn the three studios and eight mastering suites in to "a fully integrated one-stop-shop facility".
As reported in last week's issue, a major part of this investment will be the development of the facility's existing range of services on the audio-visual, TV and film-editing side of the business.
"The studio had stuck its toe in the water with Avid and broadcast-related work and this is where I will be investing and bringing in technical expertise," Millar told Broadcast.
There has already been a lot of interest in the facility from prospective clients and employees with many of the enquiries coming from the television industry, according to Millar.
"I don't think we'll be able to be compared to anything else in the market including Soho," he said. "I'm not looking to undercut Soho, I just hope we'll set a trend and get facilities to look at things a bit more strategically."