Troubadour Meridian Water Studios will be the largest studio complex inside the North Circular, the closest to central London and is set to open by spring 2021, the developers said.
Phase one of the scheme involves the construction of three purpose-built sound stages with the largest at nearly 21,000 sq ft; two further two stages are planned in phase two.
Work has already started on the project and the studios are expected to be operational from early 2021.
Enfield Council has agreed to stump up nearly £3m into the project to enable the construction and purchase of film studios. It expects to get this money back in rent that Troubadour Theatres will pay to the council.
The site, called Stonehill, is on the east bank of the River Lea Navigation. It was acquired by Enfield Council from HSBC Pensions in 2017 as part of its land assembly for Meridian Water.
It is currently classified as strategic industrial land is therefore not likely to be available for residential-led development for at least 15 years.
A council report last autumn said: “The studios…will transform an extremely inhospitable corner of the borough, currently blighted by fly-tipping, trespass and unsightly heavy-duty security infrastructure into an attractive development with new buildings, green corridors and clean landscaping. The intervention will change what is currently a dangerous, unhealthy, polluted and waste strewn environment into one which will stimulate canal-side activity and exploration of the area.”
The team behind Troubadour Theatres – Oliver Royds and Tristan Baker with backing from Charlie Parsons – previously set up Troubadour Wembley Park Theatre in 2019 at the Old Fountain Studios in west London. This has hosted theatre productions such as the National Theatre's War Horse as well as various film shoots and television shows.
The leader of Enfield Council, Cllr Nesil Caliskan, said: “This is incredibly exciting news for Enfield. This agreement will plug the local economy of Edmonton and Enfield into the dynamic international film and media sector and means Enfield is poised to become one of the leading London boroughs for high-end television and film production.
“The delivery of film studios is the boldest and most exciting project in Meridian Water to date. It would help transform Meridian Water into a destination by providing a major public theatre venue and help stimulate the economic regeneration of the borough through the training academy and a new media and arts hub.”
Meridian Water is Enfield Council’s regeneration programme, with plans for 10,000 new homes over the next 25 years, supported by the recently opened Meridian Water railway station.