Hollywood's Sunset Studios will open new £700 million site in Hertfordshire

A £700 million film and TV studios facility is set to be built in Hertfordshire creating more than 4,500 jobs, a US private equity firm has announced.

Global investor Blackstone and real estate giant Hudson Pacific Properties have revealed plans to launch the "centre for film, TV and digital production" in Broxbourne to take on the likes of Warner Bros.

The site will be about 20 miles east of Warner Bros Studio in Leavesden, home to the Harry Potter series.

It is understood the new studio is planned to be larger than other rivals such as Pinewood Studios in Buckinghamshire, where James Bond and Star Wars movies have been filmed.

The development will be the first Sunset Studios operation outside of the US, where the partnership runs four studios.

Blackstone and Hudson Pacific have acquired a 91-acre site, 17 miles north of central London, through a joint venture for £120 million.

The companies said the total investment in the project, which is set to create more than 4,500 permanent jobs, is expected to be in excess of £700 million including the land purchase.

Sunset Studios has hosted major small and big screen hits including When Harry Met Sally, La La Land and numerous Academy Award winning films.

James Seppala, head of Blackstone Real Estate Europe, said:

Victor Coleman, chairman and chief executive officer of Hudson Pacific, said:

Prime Minister, Boris Johnson said the investment was "excellent news" for the UK's film and TV industry.

He said:

And Culture Secretary Oliver Dowden said: