TVNZ has advised that the sale of its Avalon Studio facility in Lower Hutt has now become unconditional.
The change of ownership to a Wellington consortium, Avalon Holdings Ltd, will take place on March 31, 2013.
The consortium is made up of local business interests including Wellington businessman John Feast, and two Avalon staff members who each hold a minority shareholding.
The consortium has advised TVNZ and Avalon staff that it intends to retain the facility as a production base for the film and television industry.
Chief Executive Kevin Kenrick says the finalisation of the sale process is good news all round.
“It’s very 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 NZ film and television. We offer our cordial best wishes for the future.”