Ian Mckellen had this to say on his official website concerning The Hobbit.
THE HOBBIT’s, two films, start shooting in New Zealand in June. Filming will take over a year. Casting in Los Angeles, New York City and London has started. The script too proceeds. The first draft is crammed with old and new friends, again on a quest in Middle Earth. The director Guillermo del Toro is now living in Wellington, close to the Jacksons’ and the studio in Miramar.