Kieran Fitzsimmons, chief executive of Auckland Film Studios in Henderson. Photo / Sarah Ivey
Kieran Fitzsimmons, chief executive of Auckland Film Studios in Henderson. Photo / Sarah Ivey
Auckland Council will pay $1.5 million for a joint-venture partner's share in the Auckland Film Studios in Henderson.
The council inherited a 44.4 per cent share in the studios from the Waitakere City Council, which tried to turn a former apple coolstore site into the "Hollywood of the South Pacific".
The studios were used to make films such as The Chronicles of Narnia: The Lion, the Witch & the Wardrobe, and the television series Xena: Warrior Princess.
But the need to build a big sound stage for productions forced the council to seek a partnership with a developer. Tony Tay Film received a 56.6 per cent share in the Henderson Valley site in return for taking on the $7 million cost of developing it for medium-budget films.
In February, Tony Tay Film went into receivership, and the council had first option to buy.
Yesterday, Auckland Council Properties chief executive Gary Swift said the receiver had accepted its offer of $1.5 million for the Tay shares.
"We have decided it's a good investment and we will be 100 per cent owners, which is what it used to be when the Waitakere City Council started it in 2002.
"The price is a significant discount to the value of underlying asset."
