It is looking likely that central London is to get a brand new studio complex, capable of housing blockbuster films.

According to a report in the Evening Standard, the facility will cover nearly half a million square feet around the large site of what was originally the Millennium Dome in Greenwich.

The land surrounding what is now the O2 has been extensively developed already with housing, set to extend upwards under the next tranche of the developments.

The plans are being driven by Hong Kong billionaire Henry Cheng who will provide more details next month. Richard Margree, chief executive of Cheng’s investment vehicle Knight Dragon, was quoted in the report as saying: “The producer of The Pianist and The Ghost, Timothy Burrill, has been hired as a consultant for the project… The studios will deliver a dynamic employment opportunity to complement the O2. It will be state of the art and capable of delivering all formats, from blockbusters to pop videos.”

If all goes well, it’s great news for the capital, in a year which has already seen the closure of Wimbledon, Teddington and Waterloo Film Studios, at a time when production is actually booming.