News that the Welsh Government has agreed an exclusive deal with iconic film company Pinewood Studios to create a world-class new studio close to Newport has been welcomed by the Newport business community.

The new 180,000 sq ft studios facility will be created at the former Energy Centre building at Wentloog, just west of Newport, and will form part of Pinewood’s global network of film studios.

The deal between Welsh Government and Pinewood, which is famous for the James Bond and Harry Potter films, is expected to generate an estimated £90m spend with Welsh businesses and create about 2,000 jobs..

Dan Smith, of M4 Property Consultants, said: “This is good news for the commercial property sector in Newport and for the local economy as a whole.

"Pinewood Studios is a great British institution and their decision to create a new studio facility here on our doorstep is a great show of faith in the area. I’d expect there to be an increase in demand for office and workshop facilities in the immediate area by businesses supplying a wide range of specialist services and expertise to the film making industry.

"There are numerous commercial property sites in the west of Newport that can provide these units. The University of South Wales already has a well renowned film school in Newport and today’s news might mean that graduates will stay in the area after completing their studies and potentially develop businesses here creating further demand for commercial space.”

Paul Fosh, managing director of Paul Fosh Auctions, who regularly lists inexpensive properties across South Wales Valleys at his auctions, said: “There could also be very many other jobs created as a knock on to the core jobs and all of these people, especially if they are moving into the area, will need places to live.

“There are still keenly-priced family homes to be had in the city of Newport, which may well be a surprise to those coming into the area, and, of course, there are some very affordable homes in the Gwent and South Wales Valleys.

“Connections to the valley communities have been vastly improved over recent times with many now served by railway stations as well very good road links. People coming into the area are perhaps not as prejudiced about moving to some former mining areas in the Valleys as many local people might be which could well mark a rejuvenation of the fortunes of these places which have for quite some time now been overlooked.

“Although the film world does conjure up images of vast wealth and lavish homes not all those working in the industry are fabulously well off and will be looking for more down to earth, value for money type of accommodation that is currently on offer in abundance in the South Wales Valleys.

Economy Minister Edwina Hart, who led a trade visit to Los Angeles last year to raise the Welsh profile in Hollywood, said:”Pinewood is synonymous with British film. The Welsh Government will invest up to £30m into projects brought forward by Pinewood and aimed at increasing film and TV production in Wales.

“It also opens the door for further, future investment providing additional growth opportunities. This new partnership is great news and supports the Welsh Government’s commitment to stimulating the economy through supporting our key sectors that have the potential to create employment and wealth.

Robin Hall, managing director of Kymin, in Newport, said: “Absolutely fantastic news that Pinewood Studios is coming to Wentloog. This is a real coup for the area and one that will bring thousands of jobs into the locality.

“Although it is actually within the City of Cardiff boundary, it will bring many benefits and jobs to Newport as well. This area is well known for such programmes as Dr Who, Casualty and Atlantis and this new facility will bring new opportunities and other spin off investment into the area. Well done to Edwina Hart and her team for bringing this project to fruition.”