Mr Fenton said:"The East Riding and Hull is out on a limb and it doesn't always give the chance for local actors, camera operators or other workers to get involved.
"This facility will have all the infrastructure in place for filmmakers to come here and create their work but also provide employment and develop a skilled workforce.
"You have people wanting to get into the film industry who need experience and this will give them this opportunity."
The complex will be built next to the firm's existing studio and also includes office space, crew accommodation and a workshop.
After seeing firms like Netflix film in the region, Mr Fenton hopes creating a state-of-the art facility will encourage the industry to view the area as more than a location.
He said:"It is obviously a working space but they will also be a showcase for producers from London to see what we're capable of and develop relationships."
Northern Films will release a feature film, The Last Trip, at the end of November which has been filmed and produced exclusively in East Yorkshire.
It is hoped the film, coupled with the proposed studios, will inspire other stories from the local area to be adapted for the big screen.
Mr Fenton said:"There are so many untapped stories that should be told in this area.
"From J Arthur Rank to William Wilberforce to Rod Temperton, how incredible would it be to bring those stories to life through film and make them here?"
