Mo-Sys looking for new home as council pulls out of Plumstead development

Mo-Sys is having to look for a new home after Greenwich Council pulled out of a planned development of Plumstead Power Station. 

The council had been set to provide £4.2 million in funding, matched by Mo-Sys, to develop the disused power station into a production facility with eight studio stages available for hire by producers, researchers, or community events, and the home of Mo-Sys’s R&D division. This plan was originally announced in 2022, as part of an effort to keep the company in the area following the decision to demolish its current studio in Morden Wharf, Greenwich, as part of a redevelopment to create 1,500 new homes.

However, in a council meeting on 16 October, the site was one of a group of locations that was marked for “disposal,” by the council, meaning that it will now look to sell the leasehold. There was no discussion of the power station in the meeting, according to local publication the Greenwich Wire. The council meeting papers state that the council will be expecting, “an upfront lump sum payment to RBG [Royal Borough of Greenwich] from the tenant alongside an annual rent.”

Mo-Sys has said that it was, “surprised and disappointed,” by the decision, but that it had already learned, “in August that Greenwich Council were pulling out of the project, and subsequent to a freedom of information request in September, it appeared that the local authority’s matched funding, previously allocated for this redevelopment partnership, was no longer available.” It has been looking for a new location for its facility since then, as it needs to leave its current Morden Wharf base by February 2025.

Electronics giant LG recently invested in Mo-Sys, with the aim of, ”combining LG’s mastery of display technology with Mo-Sys’s expertise in virtual production solutions,” said Paik Ki-Mun, SVP and head of the information display business unit of LG Business Solutions Company, at the time.

Mo-Sys CEO Michael Gleisser said: “Greenwich has been our home for seven wonderful years, in which time we have continued to build our business, winning the Best of Royal Greenwich ‘Business of the Year’ Award, 2020, and we would be very sorry to leave Greenwich.

“Mo-Sys has been committed to the vision of helping to regenerate the Plumstead area, but we also very much appreciate the fiscal strains that many local authorities are currently facing.

“At Mo-Sys we are constantly innovating, working collaboratively with industry partners, and this situation has presented us with a great opportunity to expand our vision for the new Mo-Sys headquarters. We have been exploring new synergistic partnerships to build a project greater than the one previously envisaged, that can be realised faster.

“Our new facility will be the virtual production Hub for London and beyond, with all the resources for filmmaking, innovation and education, as we continue to grow from strength to strength, driving the virtual production industry forward.

“We are looking forward to announcing exciting new locations and collaborations in the coming months.”

A Greenwich Council spokesperson said: “Plumstead Power Station was and remains a key part of the regeneration of Plumstead which started with the council’s £16 million investment in a new leisure facility and refurbished library, and has continued with various public realm and shopfront improvements as well as new council homes on Speranza Street.

“Despite negotiating with Mo-Sys since 2021, we have been unable to reach an agreement and therefore it is recommended that the council goes out to market to ensure that the best consideration for this asset is secured.”