Are Plans for €300m Wicklow Film Studios Being Scaled Back?

In April 2022, US property group Hackman Capital Partners, its studio operator affiliate The MBS Group, and investment firm Square Mile Capital announced plans to open the facility at the former IDA Business and Technology Park. It was to be developed as a joint venture with the Ireland Strategic Investment Fund (ISIF) and Capwell, an investment vehicle owned by the Sisk family. The site was leased by the IDA to the consortium for the delivery of the project. A 10-year planning permission is in place, and under the terms of the 999-year lease, substantial construction was then required to begin by April 21, 2025. That obligation has not been met. This prime piece of real estate, worth perhaps a ballpark figure of €60m, sits idle, yet according to the Property Services Regulatory Authority, has been leased for just €584.64 a year. There are now concerns that Hackman Capital Partners was “tightening up finances” and scaling back some of its international studio projects. This follows reports in December 2025 that Hackman was coming under increasing pressure due to high studio vacancy rates, reduced production spending and shrinking budgets from streaming giants like Netflix. Fears have now emerged that the size and scope of the Greystones project is being curtailed. Deputy Brady, who has previously condemned the “cloak of silence” around the project, has criticised the Government’s “hands-off approach”, particularly given the significant level of public investment through the Irish Strategic Investment Fund (€24m). "There has been a clear failure of leadership and accountability, especially from the Tánaiste, Simon Harris, who is from Greystones, on a project that was sold to Wicklow as transformational,” he said. "This lack of urgency is unacceptable when taxpayers’ money is at stake and a flagship development has been left idle. “I have been engaging with the IDA on an ongoing basis, and it is now clear that Hackman Capital is in breach of the lease agreement. The requirement to substantially commence works by 21 April 2025 has not been met, and that breach cannot simply be ignored. "The IDA has powers to penalise Hackman Capital for non-compliance, yet instead of enforcing those provisions, we have seen prolonged discussions with Hackman aimed at reviving the project. While I am told these discussions are at a sensitive stage, it remains unclear what tangible outcome, if any, they will deliver,” he continued. “If revised proposals come forward, particularly if they involve a scaled-back media campus, they will need to be scrutinised very carefully. Any new proposal must be credible, transparent, deliver real jobs for Wicklow, and provide value for the substantial public investment already made. When those plans emerge, I will assess them fully and make a clear determination. The priority must be to get this stalled project back on track, though what form that ultimately takes remains to be seen,” he concluded.