(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has announced it has completed the letting of two buildings in Park Royal, North West London, known as ‘Rock and Roll’, which will be turned into a brand-new 62,000 sq ft film studio complex, called Garden Studios.
Originally developed by Aviva Investors in 2017, the site consists of two buildings, spanning 27,000 sq ft and 35,000 sq ft respectively and which were originally leased to a retail business. Aviva Investors has agreed an initial 15-year lease with Garden Campus Limited, a film studio operator, which is expected to produce a combined rent roll of approximately £1m.
The site will initially house three film production stages of 23,000, 11,000 and 5,000 sq ft respectively, in addition to additional shooting spaces, workshops and office facilities, work on which is expected to complete in Q2 2021. Additional spaces will be completed and introduced to the complex in due course, allowing versatile stage configurations across multiple buildings.
In keeping with Aviva Investors’ programme of decarbonisation across its portfolio, the site has been developed with a focus on achieving high sustainability standards, including a solar thermal system to provide hot water, a variable refrigerant flow (VRF) heat pump system, solar photovoltaic panels and electric vehicle charging points. Green spaces have also been provided to promote health and well-being for occupiers. As a result of this work, the building has been awarded an Energy Performance Certificate rating of ‘A’ and a BREEAM ‘Excellent’ rating.
Alastair Wakefield, Associate Director, Real Estate, at Aviva Investors, said:
“We are pleased to welcome Garden Campus as our tenant at Rock and Roll. The scheme is a high-quality facility in a strong location close to central London and we’re delighted it will play a part in the creation of one of the leading production facilities for the UK’s film industry. It was a pleasure working with the Garden Campus team on this transaction and we look forward to seeing their plans come to fruition. A primary consideration for Garden Campus in selecting this site was the sustainability credentials we were able to offer. This development is a good example of our focus on decarbonising our portfolio, which in turn will reduce long-term risk for our investors.”