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.