Sky is to develop a major new UK studio for TV and film productions at Elstree with the backing of its parent company Comcast. The cost of the investment was not disclosed.

The British broadcaster will open Sky Studios Elstree by 2022 and it will work in collaboration with Elstree Studios, the famous home of films including The King’s Speech and TV shows such as The Crown. The two studios will be walking distance from each other.

Subject to planning permission being granted, Sky will open a 32-acre development, consisting of 14 sound stages covering over 20,000 sqft. Other facilities will include production offices, a set construction workshop, screening cinema and post-production and digital facilities.

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It will be able to host “several” TV and film productions simultaneously, Sky said. This will include in-house Sky Studios shows and those made by independent production companies. Universal Pictures, Focus Features and Working Title will also make films out of the new facility, while NBCUniversal Content Studios will use the site for TV shows.

Sky Studios Elstree will be situated in the borough of Hertsmere, just north of London. Legal & General is in the process of finalizing a design and formal planning applications will be made in early 2020. Sky estimates that the studio will create 2,000 jobs and generate £3BN ($3.9BN) of additional investment in the UK creative economy.

Sky CEO Jeremy Darroch said: “Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world. We know our customers love our award-winning Sky Originals like Chernobyl and our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers.”

Elstree Studios managing director Roger Morris added: “Sky Studios Elstree will be of immense importance to the UK Film and Television industry – it will not only boost the local economy of Hertsmere and Hertfordshire, but will also have a major impact on the UK’s creative sector as a whole.”

Sky’s commitment follows Netflix’s announcement in July that it plans to open a 14-stage production facility at Pinewood’s Shepperton Studios. Disney has also struck a long-term agreement with Pinewood Studios in Buckinghamshire.