BBC Elstree studios redevelopment gets go-ahead

AXA IM Alts has secured planning permission for a major redevelopment of the BBC Elstree Centre in Hertfordshire, aiming to create a new high-end production campus for film and television.

AXA IM Alts, the alternative investment arm of AXA Investment Managers, has received unanimous approval to redevelop approximately half of the 16-acre BBC Elstree Centre into a modern media campus, to be named Fairbanks Studios. The move is part of a broader strategy to address growing demand for purpose-built production facilities in the UK.

The development, covering around 266,000 sq ft, will include five new sound stages totaling 100,000 sq ft, along with new workshops, offices, backlot space, and enhanced site amenities. A five-storey “Media Hub” will provide 58,000 sq ft of office and amenity space specifically designed for media and production-related businesses.

The site’s rebranding as Fairbanks Studios references its historical connection to actor and studio owner Douglas Fairbanks Jr., who ran the site during the 1950s. The BBC will continue to occupy the remaining half of the site under a long-term lease, primarily for production of its long-running drama EastEnders.

Construction is expected to begin later this year, with Oxygen Studios appointed as specialist advisor for the redevelopment. UMC Architects has led the design, which includes modern Art Deco-inspired architecture intended to reflect the studio’s 111-year heritage.

The upgraded facilities aim to bring the aging complex in line with current production standards. The existing infrastructure, originally opened in 1914 by the Neptune Film Company, has struggled to meet the demands of contemporary high-end TV and independent film production.

Sustainability is a central feature of the project, with the site targeting a BREEAM Outstanding rating and evaluation under The Albert Studio Sustainability Standard—the industry’s benchmark for environmental impact. Plans also include urban greening initiatives and the planting of around 130 new trees.

The development is expected to generate substantial economic benefits. During the construction phase, approximately 390 jobs are anticipated, with over 1,200 full-time equivalent positions created upon completion. AXA IM Alts estimates the site will contribute around £80 million annually in inward investment.

The redevelopment aligns with the UK government's National Industrial Strategy, which identifies the creative industries as a key driver of economic growth. In 2024, film and high-end TV production in the UK reached a record £5.6 billion, underscoring ongoing demand for premium production space.

Rob Samuel, Head of UK Development at AXA IM Alts, said the project continues the site's legacy in British screen production: “These studios have played an important role in the evolution of the UK film and TV industry for over a century. With demand for content rising and supply of high-quality production space lagging behind, our plans for Fairbanks Studios will help close that gap and support the growth of the creative sector.”

The redevelopment of BBC Elstree Centre marks AXA IM Alts’ second major studio investment, following its recent work on the Bry-sur-Marne studios in Paris.