IRELAND IS to get its largest film and TV studio in 2024, it has been announced.
Hackman Capital Partners and partner Square Mile Capital Management, announced earlier this month that it was making further significant investment in the Irish creative industries, leading to the creation of the new Greystones Media Campus - a planned and shovel-ready state-of-the-art film and television studio campus in the coastal town of Greystones in Wicklow.
The two-phased development is a joint venture with the Ireland Strategic Investment Fund (ISIF), Ireland’s sovereign development fund and Capwell, a Sisk family investment vehicle. The total investment in the project is estimated at nearly €300 million.
When fully developed, Greystones Media Campus will be Ireland’s largest studio complex with more than 670,000 square feet of studio space on 44 acres with sea views, including 14 state-of-the-art sound stages. The first seven sound stages and associated office, workshop and backlot spaces will be delivered in mid-2024.
The development will double the high-end film and television stage capacity in Ireland to help meet current tenant demand as a growing number of international and domestic productions are vying for existing space.
Minister for Finance Paschal Donohoe said he welcomed the investment in Ireland's audio-visual industry.
"This investment is reflective of the positive work done by the industry over the last number of years. It is also indicative of the impact of the long-standing State supports for the expression of Irish and European culture through audio-visual works and the creation of quality employment opportunities for those working within the sector.
"This joint venture by the Ireland Strategic Investment Fund and its business partners will enhance Ireland’s ability to capitalise on the high demand for content by promoting our country as a location for both foreign and domestic producers.
The audio-visual sector is currently worth over €1 billion to the Irish economy, with approximately 12,000 people employed in film, television and animation production. The new development in Greystones will be a major boost for the Irish creative economic sector and will contribute to creating 1,500 new jobs once it is operational (and 450 jobs during the construction phase) along with other direct and indirect benefits to Ireland’s economy.
"We are grateful to ISIF and Capwell for this exciting opportunity, and we’re thrilled to be expanding our footprint in Ireland,” said Michael Hackman, Founder and CEO of Hackman Capital Partners.
"We see Ireland as a premier destination for content creators across the globe, and we’re committed to seeing it grow exponentially. There is enormous talent here, not to mention a stunning landscape and some of the industry’s best financial incentives for filmmakers."
Square Mile Capital CEO Craig Solomon added:
"The demand for modern, well-run studio facilities in Ireland is very strong and is expected to remain so for the foreseeable future. This opportunity to help meet that demand, and deliver a superior level of operating support to the creative companies that will use the facilities, is very attractive to us. Overall,the world’s appetitefor high-quality film and TV content shows no sign of slowing and we believe that the Greystones Media Campus has great potential."
The group was also behind the acquisition of Ireland’s Ardmore Studios and Troy Studios in August 2021, with Ardmore Studios having been behind The Last Duel, The Green Knight and The Tudors.