Plans for a €300 million media campus to be located in Greystones, Co Wicklow, have been scaled back with the developers seeking to return some 10.9 hectares (27 acres) of the 17.8-hectare (44-acre) site to the Industrial Development Authority.
California-based Hackman Capital Partners, a film production facilities investor, and its partner Square Mile Capital Management were named in 2022 as the chosen developer of the Greystones Media Campus.
The campus is a joint venture with the Ireland Strategic Investment Fund, Ireland’s sovereign development fund, and Capwell, an investment vehicle in the Sisk family.
Planning permission for the complex was granted by Wicklow County Council early in 2021.
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At the time, the project was to be Ireland’s largest studio complex with more than 62,245 sq m (670,000 sq ft) of studio space on the 17.8-hectare site. The first seven of 14 proposed sound stages, along with associated office, workshop and backlot spaces, were expected to be ready for business by mid-2024.
Hackman Capital Partners is also behind Ardmore Studios in Bray, Co Wicklow, and Troy Studios in the former Dell plant in Limerick. The company and its affiliates are the world’s largest owner of independent film and television studios with a portfolio spanning more than 145 “sound stages” across North America, the UK and Ireland. It opened Eastbrook Studios, London’s largest studios, in 2024.
It is understood delays in the Greystones project were due to a variety of factors, including Covid, the 2023 US writers’ strike and market disruption due to the emergence of streaming services globally.
Despite scaling back the project, Hackman Capital Partners said the company remained committed and was working to develop almost 27,870 sq m (300,000 sq ft) of studios on the reduced site – about half of the original construction size but still among Ireland’s largest such facilities.
As such, the development would still represent an investment of an estimated €150 million, possibly more given construction industry inflation.
Hackman Capital Partners said the revised project would include up to eight state-of-the-art sound studios with extensive office and support space.
“Subject to planning and other necessary approvals, our target is to commence construction in mid-2028, with completion projected for July 2031,” the company said in a statement.
The company said both Ardmore and Troy studios have continued to perform strongly, a factor which “reinforces confidence in the long-term strength of Ireland’s screen sector and in the opportunity to deliver our third big studio campus in Ireland”.
Wicklow TD and chairman of the Oireachtas Public Accounts Committee John Brady met representatives of Hackman Capital Partners this week. He welcomed the commitment of the company to develop the media campus but said the scaled-back plans were “deeply disappointing”.
“With that said, it is welcome to see some movement on a project that had stalled for many years.
“So after four years of uncertainty, at least there is clarity from Hackman Capital regarding the future of the project and that they are committed to moving forward with a revised Greystones Media Campus,” he said.
“Importantly, Hackman Capital also reaffirmed their firm commitment to Ardmore Studios in Bray,” he said.
But he said “this update also raises serious questions about the future of the remaining 27 acres”.
“This land must be ring-fenced for economic development to ensure it continues to deliver jobs and investment for the county, and I will be engaging with the IDA very strongly to make that case,” he added.
