Case Study, Five Years On, Deptford Foundry.

Objectives

LONGEVITY | to secure a new site for future generations

BUILDING PRACTICE | to ensure studios are flooded with natural light and are well ventilated, suitable in size, etc

FUNDING | creating a funding model which combined debt leverage with Charity Bank and Arts Impact Fund, significant individual philanthropy and a grant from the Mayor’s Office

BENEFICIARIES | 120 artists and makers, 20% of who are Creative Industry businesses, at a rent 35-40% below local market rates

Achievements

• Managed risk (building SFSA’s capacity) and breaking away from rent reviews and break clauses

• Working in partnership, collaborating with Property Developers, Funders and Local Authorities

• Operating consistently at 100% occupancy, oversubscribed by 4:1

• £1,300,000 gifted through under charged rent that we could have earnt, open market rate could deliver annual income of £620,000

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Published 04.10.2024