Its redevelopment will provide an additional 17 sound stages, 548,000 sq ft of production and workshop spaces as well as two backlots.

The studios are home to the likes of Amazon MGM Studios and Netflix.

Amazon has taken a total of nine new stages and Netflix will be taking eight in addition to their existing 14 leased stages.

Shepperton is part of Pinewood Group which is the biggest of its kind in Europe.

Prime Minister Rishi Sunak said,“The decision by the two largest content producers in the world to choose their long-term home in the UK and base their global productions at Shepperton Studios backed by private sector investment is testament to the support the Government has given to the UK’s screen sector.

“I am thrilled that Amazon MGM Studios and NETFLIX have taken possession of 17 new state of the art sound stages at Shepperton Studios making Pinewood Group, the biggest studio complex in Europe.

“This support was further demonstrated by the recent £1billion package of measures for the creative industries announced in the recent Budget. The UK is now the second largest production hub, second only to Hollywood, in the world.”

Chris Bird, Managing Director, Prime Video UK said, “It feels fitting that, ten years from the launch of Prime Video, we’re beginning our tenure in brand new facilities at Shepperton Studios. It’s so exciting that some of our most loved series and movies around the world will be made right here in the UK, including season three of our fantastic UK Original The Devil’s Hour. Shepperton Studios have long been synonymous with world class filmmaking, and we’re delighted to continue supporting and investing in the UK creative industries.”

Anna Mallett, Vice President Production EMEA/UK Netflix said, “The UK is our most important production hub outside North America. Today’s announcement reinforces our long-term commitment to Britain’s creative sector. Since 2020, we have invested over $6 billion in the UK creating shows like Sex Education, The Crown and Bridgerton here. The completion of Shepperton will allow us to expand our footprint even further, creating incredible new shows, jobs and a boost for the economy.”

Paul Golding CBE, Chairman, Pinewood Group said, “We’re incredibly pleased to have opened our new state-of-the-art facilities at Shepperton Studios and to see Netflix and Amazon MGM Studios making this long-term commitment to the studios and to the UK.”

Commenting on the announcement, Tim Oliver, Leader of Surrey County Council, said: “This is fantastic news for Shepperton and for Surrey as a whole, cementing our reputation as a region for innovation, creativity and top class talent.

“The fact that two of the largest content producers in the world have chosen Shepperton and Surrey for a global base speaks volumes for the amazing offer the county provides to businesses, large and small.

“We look forward to deepening our relationships with Shepperton, Amazon and Netflix in the months and years to come, so we can ensure our residents and businesses benefit from the investment, jobs and opportunities this brings.”