The City of Cape Town has announced the approval of a lease agreement for a prime City-owned property in Paardevlei, Somerset West, paving the way for the development of an R900 million film set, Cape {town] Etc reports.
According to a statement by Invest Cape Town, this significant property transaction was sealed after a site visit by Mayoral Committee Member for Economic Growth James Vos on Wednesday, 27 November 2024.
Cape Point Film Studios’ development will create opportunities for local and international production companies, driving economic growth, job creation and skills development while showcasing Cape Town’s stunning stages globally.
The plan includes converting existing buildings into a state-of-the-art film studio, followed by the creation of a sea and underwater sound stage precinct.
‘We thank the City of Cape Town for taking this journey with us because, as practitioners in the film industry, we know first-hand how fast the content and film-making industry is developing, said Henry F Herring, Director of Cape Point Film Studios.
‘The need for more strategic interventions, such as world-class sound stages to service this growth, not only helps filmmakers tell their stories, but also contributes substantially to the sustainable expansion of the film sector with its 1:4 multiplier effect to its value chain, all the while creating more jobs.’
‘We believe that Cape Point Film Studios will respond meaningfully to these needs, and once again position our country and continent as an attractive filmmaking destination.’
Vos adds that the development will catalyse the continued growth of Cape Town’s creative economy.
‘This lease carries the potential to create hundreds of jobs, generate almost a billion rand in the local economy, and boost tourism to Cape Town.’
‘The creative economy is one of the top-performing sectors in the city.’
‘According to the South African Cultural Observatory mapping study of 2022, the cultural and creative industries contributed R161 billion to the country’s gross domestic product in 2020.’
‘With the Economic Growth Directorate finalising this lease, we can further invest in Cape Town as a must-visit destination.’
‘This project will not only enhance Cape Town’s status as a leading creative hub but also solidify its position as a destination of choice for home-grown and global productions,’ said Vos.
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Picture: Invest Cape Town / X
