“We’re excited to build on this by seeking new opportunities for impact investment into the spaces where creatives can thrive – sustaining London’s vibrant local communities and economy.”
The funding will enable the fit out of sustainably designed and accessible studios for resident artists and makers at Creative Land Trust’s first studios, 80 Wallis Road, Hackney Wick.
Creative Land Trust has secured its first impact loan, supporting its innovative funding model in providing affordable creative workspace for London’s creative communities.
The funding will enable the internal fit out of the property, coming at a time when studio providers are being faced with rising costs and managing their COVID recovery. Creative Land Trust will support its new tenants by alleviating some of these cost pressures and so ensuring that the space remains affordable for artists and makers in the community.
The Arts & Culture Impact Fund is an invaluable supporter of the creative and cultural sector and shares Creative Land Trust’s commitment to innovative investment models that support social and cultural impact. Creative Land Trust and the Arts & Culture Impact Fund have worked closely together to structure a loan seeking financial returns alongside a commitment to diversity and positive social outcomes – making space for art in London.
Sadiq Khan, Mayor of London, said:
“Creativity and culture is integral to building a better London for everyone. The Creative Land Trust helps provide the space for community artists and makers to thrive, which was why I was glad to co-found this project. Nesta’s investment is key to supporting this innovative funding model, so that we can continue to deliver affordable workspace at the heart of London’s economy.”
Jemma Read, Global Head of Corporate Philanthropy, Bloomberg L.P said:
“At Bloomberg we know that London’s diverse, artistic community helps to make our capital an inspirational place in which to live and work. Collaborative and functional space is vital for our talented artists to thrive and we’re proud to have supported the Creative Land Trust since its inception alongside other initiatives which place creativity at the heart of London’s economic recovery.”
Sabine Unamun, Director, Arts Council England said:
“Artists and creatives are at the heart of London’s vibrant cultural offer – but they need accessible and affordable studio spaces to be able to bring their creative ideas to life.
Thanks to our investment in Nesta’s Art & Culture Impact Fund, we’re really pleased to be able to support Creative Land Trust. The development of their Hackney studios will ensure more spaces are available and accessible for local artists.”
Seva Phillips, Head of Arts & Culture Finance, Nesta said:
“Affordable, long-term studio and maker spaces are essential to the creative and cultural vibrancy of any city. The Creative Land Trust is playing an important role by enabling studio providers to run these spaces. We’re really happy to see our impact funds, which seek to generate social and cultural benefits, as well as financial returns, making a significant contribution to this first site.”
Gemma Dean, Head of Development, Creative Land Trust said:
“Impact Investment means so much for growth in creative communities and is a cornerstone of the Creative Land Trust model. This impact loan will enhance the provision of sustainable, affordable spaces, where up to 200 artists and makers can thrive. It further highlights the positive combination of financial and social returns that creative places offer. We are delighted to be supported by Nesta in delivering this – sharing their expertise and innovation in the process. Protecting London’s vibrant economy and this critical industry”
Creative Land Trust
Creative Land Trust was established to secure long term, affordable workspace for London’s artists and creatives, ensuring a vibrant and prosperous future for this critical industry, enriching communities and strengthening our city. The aim is to secure 1,000 affordable workspaces in the first five years, providing space for the creative sector and helping to maintain London’s status as an international cultural capital. This is a critical moment for art and culture in London, as the impact of COVID adds to the financial pressures forcing creatives out of the city; Creative Land Trust aims to reverse the trend.
Creative Land Trust acquires buildings through purchase of freeholds and long leaseholds, asset transfers and strategic partnerships with local authorities, developers and landowners. Creative Land Trust then works with expert studio providers to lease space to artists, makers and other creative practitioners.
About Arts & Culture Impact Fund by Nesta
The Arts & Culture Impact Fund brings together a mix of public, private and philanthropic investors – Arts Council England, the National Lottery Heritage Fund, Big Society Capital, Bank of America, the Esmée Fairbairn Foundation, Freelands Foundation and Nesta. The fund is the world’s biggest impact investment fund for the creative arts. The fund builds on the success of the Arts Impact Fund, a pilot initiative launched in 2015 to demonstrate how impact investment could transform the arts and cultural sector.
Arts & Culture Finance is part of Nesta, the UK’s innovation agency for social good. Since 2015, we have been using social impact investment to support mission-driven arts, culture and heritage organisations across the UK who benefit the lives of individuals and communities.
Our open fund, the Arts & Culture Impact Fund offers repayable finance between £150,000 to £1,000,000 to help organisations become more sustainable and better placed to achieve their mission.