Creative Land Trust for London launched

The Creative Land Trust has been launched, supported by the Mayor of London, Arts Council England, Bloomberg Philanthropies and Outset Contemporary Art Fund. It aims to secure long-term and affordable space for artists and creative people in London.

This innovative new organisation seeks to secure land and building space while keepong affordable rent rates by:

1. Purchase of freehold properties or long leases

2. Receipt of properties gifted or transferred by public or private partners

3. Purchase of buildings with a studio provider

4. Following latest guidance on affordable rent levels (as of writing, £19 per sq ft total cost including service charge)

5. Working with freehold or long leases of 99 years to secure land in perpetuity, with a minimum of 25 years lease.

Though 1 in 6 jobs in London are in the creative economy, the city has lost 17% of its studio spaces in the last three years, attributed to increases in rent, business rates and changes in planning.

At a time when space is at a premium, schemes like the Creative Land Trust will try to help redress the balance for our much-needed creative spaces.

 

Back to stories

About the Author