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In the study it appeared that clusters of artist workspaces like Hackney Wick or Margate were particularly successful in contributing to a positive price development. However, the report also highlights the long-term success of artist workspaces within a scheme, such as Galeria in Peckham or Matchmakers Wharf in Hackney/Homerton. Other case studies, such as Bow Arts in the Royal Albert Wharf, demonstrated how providing artist workspace can kickstart a residential development in a slightly remote location at the east end of the Royal Docks by activating the ground floor, thus avoiding the typical hoarded-up retail units that often dominate new build schemes. Although this scheme did not outperform the local market, it can be seen as a success because it largely matched the property values of the western end of the Docks with closer proximity to central London. The second component of the research sought to understand the commercial viability of artist workspace within a residential scheme. The research team conducted a risk analysis based on a
WWW.ARCHITECTSDATAFILE.CO.UK
Data suggested there is a financial value to benefits that creative industries bring to residential areas, expressed in house price data
hypothetical residential project in three different locations (central London, outer London and Thames Estuary). The analysis demonstrated that creative workspace as a ground floor use in a residential development does not introduce any additional risk and can increase investment value where there is a good covenant and secure long-term income (or a long leasehold sale). Where policy intervenes, the equation, even at the outset, often tips in favour of creative workspace. For instance, where the
developer is required to preserve or provide employment space, the range of alternative uses is restricted, and the case for creative workspace is greatly strengthened. The research team concluded that a professionally managed creative workspace is often more viable and financially attractive than other commercial uses, such as retail or light industry, because it offers secure long-term income which is appealing in economically uncertain times. Professionally managed artist workspace has become a very well- organised, well-structured business model which effectively delivers high-quality environments and workplaces. This was probably the clearest outcome of the study: artist workspaces can and should be a component of a commercially successful residential development. The times when artist accommodation was associated with chaotic studio spaces and seen as a social and economic liability are long gone.
Michael Riebel is a researcher at Hawkins\Brown
ADF JULY 2022
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