Sunderland appoints CBRE on Crown Works investment search
Acting on behalf of Sunderland City Council, the firm intends to immediately start the search for potential operators, investors, and developers for the £450m film studios, which saw previous investor Cain International withdraw from the project in July.
The real estate advisor will lead both the operator selection process and develop the funding strategy for the project.
Selected partner/s will deliver the first phase of the site, with CBRE aiming to have a developer break ground on the site early next year.
The 1.7m sq ft scheme received full planning permission in March last year, with the 82-acre plot to be transformed into one of Europe’s largest film studios.
Remediation works are currently taking place on site, funded through a £25m initial investment from the overall £120 package secured from the government and the North East Combined Authority.
Designed by 4D Studio Architects, the wider project team includes Lichfields, landscape architect Southern Green, structural engineer Hydrick, M&E consultant Desco, and quantity surveyor Towner & Townsend.
The project is part of the council’s ambition to put Sunderland on an international stage, along with the £600m investment in the Riverside Sunderland regeneration scheme, which will add around 1,000 homes and 2,500 residents to the city centre, alongside workspace and retail.
Figures from North East Screen show a 131% increase over three years in production spend in the region.
Cllr Michael Mordey, leader of Sunderland City Council, said: “Appointing CBRE is a pivotal and strategic step in securing the right investor and development partner to deliver this transformational scheme.
“Their global reach, experience and industry knowledge is highly impressive and we, and they, are very positive and determined that Crown Works Studios will be delivered but now with a new partner. Our ambition has not wavered, so we will keep pushing forward.”
North East Mayor Kim McGuinness commented: “We have made the creative industries a central part of our Growth Plan for the region, and this site has the potential to power an entire industry in our region, opening new opportunities for local people and building on our reputation as a prime location for major film and TV drama.
“With CBRE now on board, we are very much looking ahead and taking a major step towards turning this vision into a reality.”
Andy Byrne, Northern TMT lead for CBRE, added: “Sunderland City Council is at the forefront of regeneration in this region and have ambitious plans to see world-class film and TV production space brought forward to match the demand for purpose-built studio space.
“This scheme is set to be a catalyst for great things within the region.”
Alison Gwynn, chief executive of North East Screen, added: “We are witnessing a landmark moment for creative industries here in our region and Crown Works Studios will provide ground-breaking facilities and the infrastructure we need to build on our recent 131% growth in production.
“It will support a sustainable, thriving sector that is growing month on month, year on year right here in the North East.”
