Hunt for film studio investor begins as firm hired

Real estate advisor CBRE has been appointed to find a new investor for Crown Works Studios

The search to find a new investor willing to help finance the construction of a £450m film studio has begun.

It is hoped Crown Works Studios in Sunderland will make north-east England a hub for the film and television industry, but its development hit a major hurdle when one of its investors pulled out.

Sunderland City Council has now hired real estate firm CBRE to find "operators, investors and developers" who can make the project a reality.

Council leader Michael Mordey said the local authority and CBRE were "very positive and determined that Crown Works Studios will be delivered".

"Our ambition has not wavered, so we will keep pushing forward," he said.

CBRE is now working to identify a list of preferred operators and funding partners.

The firm previously advised Sky on its partnership with Legal & General to deliver Sky Studios Elstree.

The complex will be built on former shipyard sites on the banks of the Wear

The development of Crown Works Studios would see an 80-acre (32-hectare) site on the banks of the River Wear turned into a 1.5 million sq ft (139,355 sq m) film complex.

The government has provided £25m towards the project, while the council and the North East mayoral authority has committed to investing £120m in the scheme.

Planning permission is already in place for the first phase of the development, while outline consent has been granted for future phases.

Chief executive of North East Screen Alison Gwynn said Crown Works Studios would provide "ground-breaking facilities and the infrastructure" to continue to grow the region's film production.

North East Mayor Kim McGuinness said the project had the potential to "power an entire industry in our region" and create new opportunities for local people.

"With CBRE now on board, we are very much looking ahead and taking a major step towards turning this vision into a reality," she said.