Sale Of Land To Film And Television Company Finalised By County Hall

It’s lights, camera, action for a new film studio on the Isle of Wight after the council finalised the sale of land.

The disposal of Kingston Marine Park (KMP) in Whippingham to Medina Studios Limited (MSL) is to allow a film and television studios to be built, ‘creating jobs and substantial regeneration benefits’ for the Island.

A decision to sell the site was first approved by the Isle of Wight Council in November 2022 but as a result of a strike by Hollywood writers’ and actors’ unions in Spring 2023, which shut down the film industry globally for a year, MSL’s plans were put on hold.

The council’s latest decision report for the sale says:

“The requirements of funders within the film industry changed and in Spring 2024 MSL approached the council with a request to revise the agreed terms of the disposal, to better meet these needs.

“The transaction now agreed is the conclusion of seven months’ work with MSL on final technical due diligence, agreeing the finer transaction details and working with lawyers on both sides to agree the final contract wording.

"This is not unusual in a large and complex transaction such as this.”

Final terms for the Kingston Marine Park sale are ‘favourable’ to both the council and MSL, the report adds.

They are confidential under the Local Government Act 1972 as ‘information relating to the financial or business affairs of any particular person (including the authority holding that information)’.