Elstree Film Studios, famous for the original Star Wars films, urgently needs £150-200 million ($255 million) to address infrastructure issues and remain competitive. A report suggests hiring a film consultant and exploring alternative options due to funding constraints.

Elstree Film Studios, owned by Hertsmere Council, faced setbacks when asbestos was found during renovations last summer. The report “Procurement of a Consultant – Elstree Film Studios Strategic Future – Way Forward” highlights the need for major improvements, including replacing flooring, windows, electrical wiring, and upgrading IT infrastructure.

To overcome financial challenges, the report proposes hiring a film consultant for £90,000. Both the council and the studios lack funds for necessary improvements. Seeking external investors, long-term leasing, or potential redevelopment of the site are also being considered. The studio’s location could be worth £40-100 million for residential use, and the Elstree Film Studios brand holds significant value.

Elstree Film Studios generates 20% of the council’s revenue budget, making its financial importance clear. However, the report stresses the need for the council to diversify investments to mitigate risks in case of a film industry downturn.

These challenges reflect the varying conditions of production facilities in the UK. While new studios like Sky Studios Elstree emerge, older studios require substantial overhauls. Netflix’s lawsuit against Neasden Studios in 2020, citing safety concerns during Bridgerton filming, further highlights the issue.

Elstree Studios, with its rich history, requires urgent funding of £150-200 million to address infrastructure issues. The Hertsmere Council aims to discuss proposals for revitalization and alignment with industry trends to maintain competitiveness.

Hertsmere Borough Council leader Jeremy Newmark:

Elstree Studios are thriving and the new Platinum stages opened last summer are a great example of our commitment to the site and our continued investment. It’s also prudent that we look at opportunities to invest in and revitalize other significantly older parts of the site so that we can open up further exciting opportunities for this valuable asset for the borough and its residents. We’ve acted swiftly, decisively and transparently in tabling a set of proposals within seven weeks of our new administration taking office and being informed of these matters.