Netflix Is Becoming A Property Player In The London Suburbs
Netflix has leased a 134K SF building in Uxbridge, North West London, as the U.S. company becomes an increasingly influential player in the outer London property market.
The film and television streaming service has leased 134K SF at the UX1 building in Uxbridge, according to the Evening Standard. It took a one-year sublease on the building from another tenant, film company MBS. The building is owned by Aviva Investors.
Earlier this year Netflix announced a deal to take 435K SF at Shepperton Studio, part of the Pinewood group of film studios owned by property private equity firm Aermont. The deal will involve the company occupying all 14 soundstages currently operating at Shepperton and building more. It is due to take occupancy at Shepperton from October, having taken a 10-year lease.
Since Aermont bought Pinewood in 2016, the value of the media company has more than doubled from £323M to more than £600M.
The film sector is growing at such a pace in the UK that 1.9M SF of new space will be needed to meet demand, against a current pipeline of just 800K SF, Lambert Smith Hampton said in a report on the UK film studio property sector released last summer.