Blackstone and Hudson Pacific, which owns Sunset Studios, aims to invest £700m building a new studio complex at Broxbourne in Hertfordshire.

The companies have paid £120m for a 91-acre site which will be the partners’ first expansion of their Sunset Studios platform outside of the US.

The proposed development, which is subject to planning permission, would transform the site into the UK’s largest film and television studio campuses.

Victor Coleman, chairman and CEO of Hudson Pacific, said: “We are thrilled to expand our Sunset Studios platform in the UK, a global hub for film and television production.

“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.”

Prime Minister Boris Johnson said: “This investment is excellent news for the UK’s film and TV industry, pumping hundreds of millions of pounds into the local economy and creating thousands of jobs for the people of Hertfordshire.

“The creative industries are at the heart of our plans to build back better. This will be a hub for both UK and international productions, showcasing home-grown talent on the global stage.”