The world premiere of Sir Peter Jackson's last Hobbit film has been a bittersweet moment for fans around the world who have been waiting for the trilogy's final piece.

The release of The Hobbit: The Battle of the Five Armies marks the end of a 15-year journey to J.R.R. Tolkien's Middle-earth, which began with the first of the Lord of the Rings trilogy released in 2001.

Watch: Last part of 'The Hobbit' trilogy premieres

London's Leicester Square was transformed into Middle-earth for the occasion, attended by Sir Peter and his cast of stars, including Orlando Bloom, who plays Legolas, and Sir Ian McKellen (Gandalf).

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"It feels wonderful to get all of the gang back together," said Bloom.

Other stars to attend the premiere included Benedict Cumberbatch, Martin Freeman, Evangeline Lilly, Andy Serkis and Stephen Fry.

The premiere came a week before the director is to receive a star on the Hollywood Walk of Fame in prime position outside the Dolby Theatre where the Academy Awards are held.

The film opens in New Zealand next Thursday.

- AAP