Lionsgate has secured a new construction contract with a firm that can build a new Lionsgate movie theatre in Sydney’s inner west.

The company has agreed to buy a building on the corner of Westwood and West Street that the NSW Government wants to renovate into a movie theatre.

The $7 million project is expected to be completed in 2019.

“We have an opportunity to really take advantage of this site and use it for new productions and we are very excited to partner with the City of Sydney to help with this,” Lionsgate chief executive Matthew Dadd said.

“The construction of the new theatre will create more than 3,000 direct jobs for the city, create a new entertainment precinct and bring new life to the iconic site.”

The company will build a cinema theatre at the corner site of West Wood and West Streets, which is one of the most desirable locations in the Sydney CBD.

The building will also house the production company and the company will also employ the staff.

The development of the site has been described as a “huge opportunity”.

The project will create jobs for thousands of people, but will also generate about $2 million for the City over 10 years.

The city will also build a hotel at the site, which will also create jobs.

The site is currently occupied by the State Bank of NSW and the NSW Department of Local Government.