Plans for £110m London film studios on hold because of 'Brexit uncertainty'

https://www.theguardian.com/film/2019/oct/16/london-film-studios-dagenham-brexit-uncertainty

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A Los Angeles-based developer has cited “Brexit uncertainty” as the reason behind its decision to put on hold plans to build an enormous film studio outside London.

Pacifica Ventures, which owns the studio where Breaking Bad was made, was picked as the preferred bidder for the proposed project in 2018, but, according to Barking and Dagenham council who own the land, failed to “progress matters sufficiently”, and has now lost its status.

In a statement, the developer said: “I can assure you that Pacifica Ventures remains very much committed to the Dagenham Studios project, but unfortunately we and our investors have been forced to put the project on hold until the Brexit uncertainty has been resolved.

“We have definitely not dropped out but we understand that the council wants to move forward more quickly and they have our blessing if a third party should offer an alternative proposal that is acceptable to them. We hope that won’t be the case and that we’ll be able to restart the project very soon.”

The council said it would still be progressing with the studio plans and will look for other investors, but may also complete the project without outside investment. Councillors are expected to agree to spend up to £3.4m to cover any pre-development costs.

Pat Hayes, managing director of the council’s regeneration company Be First, said: “We were told [Pacifica Ventures] were finding it difficult to deliver on their plans due to uncertainty over the UK leaving the European Union. But what is not in doubt is the viability and demand for studio space in the UK, which is why I am convinced there will be plenty of interest from parties who want to make sure movies will be Made in Dagenham.”

Pacifica Ventures founded its Albuquerque studio in 2007, which was bought by Netflix in 2018, having being used for numerous productions including Breaking Bad, Sicario and The Avengers.

In March 2018, it was named as the developer taking on what Barking council and London City Hall called “the next global destination for making blockbuster movies”.

With an estimated cost of £110m, plans for the 22-acre project include 12 sound stages, training facilities, amusement attractions, shops and restaurants. It had been hoped construction would begin later this year.