With the demand for studio space skyrocketing, another territory is building a major studio complex. Ireland will receive a €300 million ($327 million) facility funded and led by a consortium including Hackman Capital Partners and Square Mile Capital Management.
The studio – planned to feature state-of-the-art technology – is expected to be completed in 2024 and will be called Greystones Media Campus. It will be Ireland’s largest studio and will be located 15 miles south of Ireland’s capital, Dublin.
“We see Ireland as a destination of choice for content creators around the world, and we are committed to seeing it grow exponentially,” said Michael Hackman, founder and CEO of Hackman Capital Partners.
“There’s enormous talent here, not to mention a stunning landscape and some of the best financial incentives in the industry for filmmakers.”
Hackman and Square Mile also bought Irish studios Ardmore and Troy last year. The new build represents a further consolidation of their studio power on the Emerald Isle.
The site will include 14 sound stages and will be built on 670,000 square feet on 44 acres of land. The first 7 stages are expected to be completed by summer 2024.
The project will double the number of sound stages in Ireland and add 1,500 jobs to an audiovisual sector in the country that is worth more than €1 billion ($1.1 billion) to the country.
The Ireland Strategic Investment Fund (sovereign Irish development fund) and Capwell, the investment branch of the construction entity Sisk, are venture capital partners on the project.
“This joint venture of the Irish Strategic Investment Fund and its business partners will strengthen Ireland’s ability to capitalize on strong demand for content by promoting our country as a site for overseas and domestic producers,” said said Paschal Donohoe, Irish Finance Minister.
Knowledge of real estate
American entities have massively financed, built and leased studios around the world in recent years. This is due to the tangible vision that the mass delivery of content through numerous OTT platforms will make the physical studio business very lucrative.
Steve Haddadin is the founder and president of King Real Estate Group, a real estate agency based in Brea, California.
Haddadin is a Certified Commercial Investment Fellow (CCIM) from the CCIM Institute, a Certified Property Manager (CPM) from IREM, a Certified International Property Specialist (CIPS) from NAR, and a Short Sale and Foreclosure Resource (SFR). ) of the NAR.
Of the booming real estate market around studios, Haddadin said, “I started in this industry when I was 18 and I’ve never seen so much global movement in this space as I do now. Sound stages are opening up everywhere, investment companies are looking for opportunities, and even actors and other people are planning to build studios.
“It seemed to start when it was realized that the so-called ‘streaming wars’ were going to escalate, which means there has to be more content. Netflix
Regarding the business purpose of Greystones Media Campus in particular, he said: “You now have a real estate consortium which controls and operates many studios throughout Ireland.”
“So now it’s not so much about attracting films or TV series to a specific studio, they can now market Ireland as a whole and there’s a good chance a production will end up shooting in one of their studios.”
“From a business perspective, you would probably want to bet on the market and aim to have the largest venue possible to accommodate businesses. This type of real estate investment makes sense. There is a surge at the moment in commercial real estate for film and television across Europe.
“In the US it’s similar and the commercial real estate market around studio apartments is booming.”
On what the future holds for the entertainment commercial real estate industry, Haddadin concluded, “We’re currently based in California, the home of Hollywood, and the more I look at the entertainment real estate market , the more it looks like there will be more action for the industry outside of California. At least as far as the sound stages go. This gives brokerages a great opportunity to grow their service base at customer base and work with businesses to suggest locations and opportunities to capitalize on the growing market.