TVNZ says the sale of its Avalon Studio facility in Lower Hutt has been finalised.

It's been bought by a consortium made up of local business interests including Wellington businessman John Feast, and two Avalon staff members who each hold a minority shareholding.

The consortium intends to retain the facility as a production base for the film and television industry.

TVNZ chief executive Kevin Kenrick says it's pleasing that the facility will continue to be available to the industry, and that the new owners are locals with a strong appreciation of Avalon's place in the history of New Zealand film and television.