Target3D was to have created a digital and motion capture studio in Queenstown
The rush to develop further screen studio infrastructure in New Zealand has been disrupted by two studio facility projects collapsing in the past month.
Studio New Zealand, initially founded in 2009 to develop purpose-built screen industry facilities, has gone into liquidation owing NZ$1.35m (US$810,000) to creditors.
Elsewhere, Target3D New Zealand has halted development on a digital and motion capture studio in Queenstown.
Studio New Zealand entered liquidation in June after a lengthy and costly legal battle with its former joint-venture partner, which owned the land on which the proposed studio in South Auckland was to have been built.
Under the deal with the landholder, Studio New Zealand would have contributed its expertise, apply for public funding and handle all required resource approvals.
The country’s government subsequently awarded Studio New Zealand a NZ$40m grant in 2020.
The liquidators report states that shortly after the grant approval, issues arose between the partners resulting in the termination of the JV arrangement. Studio New Zealand attempted to negotiate the purchase of the land but no formal deal was reached and lengthy litigation ensued.
Eventually the company withdrew from the proceedings as shareholders decided they could no longer fund the legal costs.
Because the outstanding fees were not paid, Studio New Zealand’s legal counsel applied to have the company placed in liquidation in June. Insolvency practitioner BDO Auckland is overseeing process.
Meanwhile, Target3D’s motion capture and production studio in Frankton’s Remarkables Park was poised to be an anchor tenant for a new research and innovation centre in Queenstown after receiving public funding through a government regional development fund in 2022.
While development of the studio was understood to have been progressing, Target3D was forced to withdraw due to competition and problems in finding support from educational facilities, R&D funding and the commercial screen industry.
The studio’s viability may also have been stymied by the opening late last year of Banijay-backed Screentime New Zealand’s production facility, Remarkable Studios NZ, in the same area.
In October, Screentime chief Philly de Lacey said: “Offering an unrivalled and diverse landscape, Queenstown has never struggled to attract filmmakers. However, without wet cover and studio facilities, it struggled to serve a whole production.
“With the local council’s strong support of the district’s film and television sector, we are proud to be delivering an ambitious first for this area and look forward to opening our doors to the world’s best content creators.”
Remarkable Studios NZ is a 2300sq m studio in a former department store and was the location for Screentime’s series A Remarkable Place to Die.