30 July 2007
Affordable workspace for small businesses – City of London
& Shoreditch Trust provide much-needed City Fringe space for
SMEs
SME (small and medium sized enterprises) space is undoubtedly in
short supply but this week the City of London Corporation, in
partnership with regeneration agency Shoreditch Trust’s property
arm, The Shoreditch Property Company, launches Canalside Works at 8
Orsman Road in Shoreditch, N1 on to the rental market. The
five-storey building offers over 17,000 sq. ft. of new workspace
which provides first-rate but affordable move-on space with
flexible lease terms for SMEs who currently struggle to find
appropriate space in the City fringes.
The City of London Corporation and Shoreditch Trust each met
half of the £4.2m investment required to purchase a 999-year lease
and fund the fit out of the commercial space at Canalside Works -
which in turn unlocked a grant from the European Regional
Development Fund (ERDF) to provide total redevelopment funds of
£1m.
This is the second building to open as part of the City of
London Corporation’s SME Workspace Initiative, a programme of new
developments and refurbishment of buildings to increase the amount
of affordable move-on workspace for SMEs operating in the City
fringes and beyond. Further sites have been identified for
possible investment and redevelopment under this scheme, in
conjunction with other boroughs and agencies.
Canalside Works offers 12 units between 750 sq ft and 1,600 sq
ft and is a modern SME build on the site of a disused clothing
factory on Regent’s Canal. It has a bold, architectural style,
including unique features such as the ‘Concrete Blonde’ reception
area, and also maximizes the use of light with floor to ceiling
windows. Its Shoreditch location will appeal to SMEs within the
creative industries, an important business service sector for many
City firms. Rental packages offering short-term, flexible leases
have been structured to support SMEs.
Canalside Works’ incorporates sustainable features including
photovoltaic electricity generation and energy efficient mechanical
and electrical systems. It also houses an eco-friendly restaurant,
Water House Restaurant, a social enterprise created by Shoreditch
Trust. The restaurant has its own terrace and offers lunch and
dinner to residents, businesses, visitors, and the general
public.
Michael Snyder, the City of London Corporation’s Chairman of Policy
& Resources, and a driving force behind the scheme, said “It is
vital that we are not short-sighted in believing the capital’s
success lies only in the wealth of the Square Mile. We have to
understand that the City fringes and the SME sector hold
considerable potential for stimulating business which support the
City and contribute to the prosperity of London as a whole.
“The current shortage of commercial accommodation for SMEs is a big
problem particularly felt in the boroughs which surround the Square
Mile and which are also a hub of enterprise energy. With The
Shoreditch Trust, we have developed Canalside Works to ensure it
plays an exciting role in realising Hackney’s major potential in
fostering both creative industries and the financial services.”
Jack Gordon of Shoreditch Trust said: “Developments such as
Orsman Road give young creative companies a chance compete on a
level footing with larger more established concerns. It provides
sustainable support for this expanding business sector and is
another small contributor to the regeneration of Hackney. It is the
remit of the Shoreditch Property Company to promote small business
and creative enterprises in the area, to offer employment and
opportunity to local people.’
Ends
Notes to editors
The City of London and The Shoreditch Trust Orsman Road project
forms the required workspace content of a mixed-site scheme at
Canalside Works, purchased by national housing agency Places for
People. This comprises 71 residential units, for a mix of
social and private sector occupiers, a café and basement car and
bicycle parking.
Water House Restaurant will open in Autumn 2007.
Shoreditch Trust invested £1m, The City of London invested £2m and
ERDF awarded a further £1.2m to fund the final fit out cost of
£4.2m.
City of London Corporation
The City of London Corporation has a 21st century role supporting
the business City as the world's leading international financial
and business centre. It provides local government services for the
City of London – the “Square Mile” at the heart of London - but its
responsibilities also extend far beyond the City boundaries and
include paying for and running the Barbican Centre, Epping Forest,
Hampstead Heath, and three wholesale food markets, as well as
acting as the London Port Health Authority. The City of London
Corporation is the sole trustee of Bridge House Trust.
The Shoreditch Trust
Shoreditch Trust is a community led regeneration agency funded
through the Department for Communities and Local Government’s New
Deal for Communities programme until 2010. The Trust manages a
range of projects, addressing the Government’s key Neighbourhood
Renewal themes, including cutting edge interventions in
Neighbourhood Management, Housing Renewal, Crime and Community
Safety, Health and Wellbeing, Education and Worklessness, Cultural
Regeneration and Community Assets and social enterprise which
includes The Shoreditch Property Company.
The Shoreditch Property Company is owned by Shoreditch Trust and
works in partnership with the Local Authority, private sector
developers and other public sector bodies to deliver innovative
projects that address the needs, and have the support of, the local
business and residential communities.
www.shoreditchpropertycompany.co.uk
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Media Contact: Delia Hyde or Rosalind Jeffcoat at Rain
Communications UK
T: 020 7222 4345 or E:
delia.hyde@raincommunications.co.uk