U.K. Fund Invests $290 Million in Kent’s TV & Film Studios

The Creative District Improvement Company (TCDI Co.) has teamed up with property developers Quinn Estates to make a £250 million ($290 million) investment in Kent’s TV and film studios.

Kent’s derelict Newtown Railway Works will be transformed into four TV and film studios in 240,000 square feet of dedicated production space, generating 3,000 jobs. The restoration project will restore five at-risk Grade II-listed buildings, and convert them into 80,000 sq. ft of TV and film studios, 80,000 sq. ft of ancillary production space, 50,000 sq. ft of mill store and 30,000 sq. ft of media village, which also includes the Future Media Centre—an educational hub that will be developed in partnership with a cluster of Kent-based educational institutions. The plans also include a 120-room hotel, 68 serviced apartments, a creative industries conference center and a 10,000 sq. ft gym, restaurant and leisure space.

Ashford Studios is the latest announcement by TCDI Co., led by Piers Read and Jeremy Rainbird, which has £500 million plans to revolutionize the industry with a network of studios up and down the country, delivering 3,000 jobs for Ashford.

TCDI Co. will also fund the largest film school in the country, partnering with the University of Kent and Kent’s three other universities in its Future Media Centre.

Read and Rainbird commented: “It is a dream come true to regenerate an area that we have a close personal connection to and to provide such exciting employment opportunities. As we emerge from COVID-19 there will continue to be unprecedented demands for stage space and a demand for skilled workers which will continue to grow. With A.I. constantly encroaching into the U.K. employment sector, the creative industry is one of the only industries that robustly defend itself from mass unemployment. British TV and film making is the best in the world thanks to facilities like Ashford International Studios. This is set to remain the case for decades to come.”

Rt Hon Damian Green MP for Ashford said: “Creating a new center of excellence in the film and creative industries in Ashford would be one of the most exciting prospects that the town could have. This could transform the employment prospects of thousands of people in Kent in a way that we’ve never seen before.”

Rt Hon Damian Collins MP for Folkestone and Hythe said: “This is the next big step in the creative industries-led regeneration of southeast Kent. I’m incredibly enthusiastic about TCDI Co. and Quinn Estates’ plans for Ashford Studios, they’ve got the potential to really strengthen the local economy creating new jobs and attracting more businesses to our area. As a former chair of the digital, culture, media and sport select committee I know how important the film and television industries are to our economy. Creating these new studios in Ashford would be a welcome boost at a very difficult time for us all.”

Adrian Wootton OBE, chief executive of the British Film Commission and Film London, said: “The U.K. screen industries have been experiencing an exceptional boom time and we look forward to building on this by continuing as an industry to invest in skills and develop our world-class infrastructure. We are of course operating in unprecedented times and the impact of COVID-19 will undoubtedly be felt deeply by screen industries as we work through this ever-evolving situation. Today’s announcement highlights the industry’s commitment to an ongoing strategy to ensure its sustainability, building on the U.K.’s rich history of attracting filmmakers, nurturing talent and creating world-class content.”

Jo Nolan, managing director of Screen South, said: “Given the demand for studio space in the U.K., the Newtown Ashford Studios will be an excellent chance for Kent to offer high-end industry solutions which will be a game-changer for the county’s Film and TV industry. There is significant skills and talent in the County and surrounding areas, but we must continue to work closely with partners to ensure that appropriate industry level training is in place locally to underpin this very welcome opportunity.”