It’s lights, camera, action for a new film studio on the Isle of Wight as the Council has now finalised the sale of land on the banks of the River Medina.
The disposal of Kingston Marine Park in Whippingham to Medina Studios Limited (MSL) is to allow a film and television studio to be built, creating jobs and substantial regeneration benefits for the Island.
Under plans, 4 sound stages totalling 70,000sq ft will be built along with all production support space, including workshops and office facilities, creating a hugely attractive venue for both film and television projects.
The exciting new development, which could create up to 1,000 new jobs, will be built on 16 acres of riverfrontage, creating the Isle of Wight’s first screen-based media hub.
A decision to sell the site was first approved by the Isle of Wight Council in November 2022, but as a result of a strike by Hollywood writers’ and actors’ unions in Spring 2023, which shut down the film industry globally for a year, MSL’s plans were put on hold.
The council’s latest decision report for the sale says:
“The requirements of funders within the film industry changed and in Spring 2024 MSL approached the council with a request to revise the agreed terms of the disposal, to better meet these needs.
“The transaction now agreed is the conclusion of seven months’ work with MSL on final technical due diligence, agreeing the finer transaction details and working with lawyers on both sides to agree the final contract wording. This is not unusual in a large and complex transaction such as this.”
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Final terms for the Kingston Marine Park sale are ‘favourable’ to both the council and MSL, the report adds. But the specific details are confidential under the Local Government Act 1972 as ‘information relating to the financial or business affairs of any particular person (including the authority holding that information)’.
It is unknown if the right for the Council to buy back 2-and-a-half acres of land for £1 – as a potential location for a battery storage facility – remains part of the deal.
Island Echo understands top bosses have been regularly travelling to the Island for meetings, with plans very much developing to get the scheme underway as soon as possible.
