Television New Zealand has sold its Avalon Studio facility in Lower Hutt.
The sale to a Wellington consortium, Avalon Holdings Ltd, is now unconditional.
Avalon Holdings is made up of local business interests, including Wellington businessman John Feast and two Avalon staff members who each hold a minority shareholding.
TVNZ says the consortium intends to retain the facility as a production base for the film and television industry.
Chief executive Kevin Kenrick says he is pleased the facility will continue to be available to the industry, and the new owners are locals with a strong appreciation of Avalon's place in the history of New Zealand film and television.
The ownership change will happen at the end of March next year.