Pinewood gunning for Hollywood role
31-May-2009 • Bond News
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Pinewood Studios is submitting its final planning application for a 100-acre, £200m expansion that will have permanent film lots - including a row of New York brownstone apartments, a Parisian square and a Venice canal, so film-makers no longer have to fly abroad in search of locations.
Project Pinewood is also working with the National Film and Television School to set up an on-site academy that would train set designers and costume makers.
âFilm-makers have the pick of going anywhere in the world,â said Ivan Dunleavy, chief executive of Pinewood Shepperton. âIt is a very desirable industry from a profile point of view and from an economic point of view. We need to keep Britain ahead in terms of its creative skills and creative infrastructure.â
Built in 1934 by the construction tycoon Charles Boot, Pinewood later became part of the Rank Organisation until it was bought in 2000 by a consor-tium led by Dunleavy and ITV chairman Michael Grade. Dozens of well-known films have been shot there, including the Carry On series and Superman.
Pinewood, which has a market value of £70m, intends to take on a development partner for the project and would need to issue new debt or equity to finance it. It has a joint venture with Aviva Investors to develop the Shepperton Studios.
It has had to adapt its expansion after opposition from residents in neighbouring Bucking-hamshire villages during two years of planning. A lake designed to look like Italyâs Lake Como has been dropped after fears that it would disrupt local wildlife. A medieval castle has also been scrapped.
The company is proposing to incorporate up to 1,400 flats into the scheme, so people working on films can live on set. It forecasts this could create 1,600 jobs.
Pinewood is pitching its plans as an opportunity to form a âcreative clusterâ, adding toa media park that houses companies such as Technicolor, the postproduction giant.
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