McLaren Construction has been appointed by BNP Paribas Asset Management Alts to redevelop the former BBC Elstree Centre in Hertfordshire, which has now been rebranded as Fairbanks Studios.
Main construction work on the 16-acre brownfield site began in April following planning approval granted in December 2025 and the completion of enabling and demolition works.
Approximately half of the site will be transformed into a 24,700 square metre production campus serving the film and high-end television industry, with completion scheduled for late 2027.
The remainder of the site continues to be occupied by the BBC under a long-term lease and is currently used for filming the television programme EastEnders.
McLaren Construction did not disclose the value of the contract, although industry data provider Glenigan has estimated the project value at £74.6 million.
The redevelopment will increase studio stage space by more than four times to around 9,300 square metres, delivered across five sound stages ranging in size from 1,490 square metres to 1,950 square metres.
The project will also include workshops, office accommodation, a café and a 5,390 square metre media hub intended for businesses connected to the film and television sector.
BNP Paribas Asset Management Alts is developing the scheme in partnership with studio operator Oxygen Studios.
Fairbanks Studios is targeting both BREEAM Outstanding certification and accreditation under the Albert Studio Sustainability Standard.
The wider development will also incorporate landscaped public space and the planting of approximately 130 trees.
The project supply chain includes Harringtons Builders for groundworks, Aarsleff for piling works, SCWS for structural steelwork, Halsall for mechanical and electrical services and Northern Cladding for cladding installation.
The scheme has been designed by UMC Architects.
Paul Serkis, director of studios projects at McLaren Construction, said:
“Film and high-end TV production is one of the success stories of the UK economy and there is a real and pressing demand for high quality production space here.
“Approved schemes in the right locations need to come out of the ground quickly to meet that demand and take full advantage of the sector’s growth potential. We are delighted to be working with BNPP AM Alts and Oxygen Studios to deliver Fairbanks Studios.”
The project is expected to create around 390 construction jobs and more than 1,200 full-time equivalent operational roles once the development becomes operational.
BNP Paribas Asset Management Alts said the completed studio complex is expected to contribute approximately £80 million annually in inward investment to the local economy.
