The 91-acre site known as Theobalds Park Farm, located at Junction 25 of the M25, is a fully operational farm featuring a listed farmhouse and listed barns. After the adoption of the Broxbourne Local Plan, the site was allocated for development. This led to numerous unsolicited inquiries, particularly from the film and television industry.
The site was sold off-market, without conditions, to Sunset Studios, a joint venture between Blackstone and Hudson Pacific Properties, for £120 million. This marks the first expansion of the Sunset Studios platform outside of the United States.
Our Approach
We advised a longstanding client of the Rural division to engage a promotion partner. Following a competitive selection process, Commercial Estates Group (CEG) was appointed, and a promotion agreement was signed in September 2011.
CEG then began promoting the site through the Broxbourne Local Plan, which was formally adopted in June 2020. The site was allocated for the development of a business campus with up to 100,000 m² of floorspace, suitable for office (B1a), research and development (B1b), or other uses that align with the employment objectives of the Local Plan. Collaboration between the Rural and Commercial teams facilitated a smooth transaction process.
Results and Value Added
After receiving a suitable offer, we entered exclusive negotiations with Sunset Studios. Following the agreement of Heads of Terms, Sunset Studios were granted a three-month exclusivity period to hold pre-planning meetings with Broxbourne Council, confirming that their plans for a world-class film and television studio campus aligned with local policy.
Confidentiality was maintained throughout the transaction, ensuring discretion until completion. The entire transaction was completed in just three months.
The new campus is anticipated to generate over 4,500 permanent jobs for Broxbourne and surrounding areas, contributing more than £300 million annually to the local economy.
This deal highlights the instrumental partnership between our Rural and Commercial teams in identifying and closing opportunities, coupled with our technical expertise in planning and development.
