A £700 million film and TV studios facility is set to be built in Hertfordshire that could create more than 4,500 jobs.

A 91 acre site in Broxbourne in the east of the county has been bought for £120 million.

The plans would cement Hertfordshire as one of the biggest homes of TV and film in the UK.

It is understood the new studio is planned to be larger than rivals such as Pinewood Studios in Buckinghamshire, along with Warner Bros Studios in Leavesden, and the new Sky complex which is under construction in Borehamwood. 

Global investor Blackstone and real estate giant Hudson Pacific Properties have acquired the Broxbourne site, marking the first Sunset Studios outside the US.

The companies said there will also be a total expected investment of in excess of £700 million for the project, which is set to create more than 4,500 permanent jobs.

Sunset Studios has hosted major small and big screen hits including When Harry Met Sally, La La Land and numerous Academy Award winning films.

Impression of the studio issued by Blackstone (Photo: PA)

Impression of the studio issued by Blackstone (Photo: PA)

James Seppala, head of Blackstone Real Estate Europe, said: "We are excited to expand our partnership with Hudson Pacific into the UK and intend to deliver a world-class studio facility that will help ensure that the UK continues to be a premier destination for content production globally.

"This is a continuation of our thematic investment focus and long-term conviction in media, entertainment and content creation."

Victor Coleman, chairman and chief executive officer of Hudson Pacific, said: "With our expertise developing and operating state-of-the-art media campuses and Blackstone’s resources and existing market presence, we are confident this facility will be in high demand from leading content creators.

"We look forward to working with Broxbourne Council to ensure the project has a meaningful positive impact on the local community."

Culture Secretary and Hertsmere MP Oliver Dowden said: "This new studio is yet another vote of confidence in the UK’s booming film and TV industry.

"Through the British Film Commission, we’re supporting the development of stage spaces like this across the UK, boosting the local economy and backing our world-class creatives to make the next Bond blockbuster or bingeworthy box set."

Borehamwood has been dubbed the 'British Holywood' due to its rich film and television history.

Elstree Studios and the BBC Elstree Centre continue to operate in the town and the Sky complex will make Borehamwood a real powerhouse in the industry.

Borehamwood Times: CGI of Sky Studios, currently under constructionCGI of Sky Studios, currently under construction

Earlier this year, plans were also unveiled for a new film studios near Well End - Hertswood Studios would see the delivery of 1 million sq. ft of film studio space, including 21 stages.

Consultancy firm Bidwells claim the studios complex would create thousands of new jobs in the area and contribute a billion pounds a year to the economy.

Borehamwood Times: CGI of proposed Hertswood StudiosCGI of proposed Hertswood Studios

The site has been put forward to be a part of Hertsmere Borough Council's local plan, which is due to be released this autumn.

Related: Plans for UK's largest film studios unveiled for Borehamwood