Decision details

The Assistant Director for Regeneration and Economic Development agrees:
To award Cypress House Management, a loan of £127,727.00 subject to a loan agreement being entered. The loan will be subject to 7.5% interest and the loan repayments to made over 60 months with interest.
The loan will be used by the borrowers to carry out building and refurbishment works to bring back into use two commercial units in a prominent location at 2 Coburg Road, N22 6UJ. The project will create 25 affordable studios and an exhibition and event space.
The proposed units have been vacant for over 1.5 years in an area that is experiencing a high demand for flexible and affordable workspaces. The loan will be used to improve the overall quality of the building, incorporating measures to make the space to comply with the forthcoming Energy Performance Certification and intensify the quantum of employment space in the area.
Creating more affordable and flexible employment spaces and supporting creative sector businesses are high priorities for the Council’s Opportunity Haringey.

Officers’ recommendations were approved by the OIF Advisory Board at its meeting on 12th July 2023, following the evaluation of a funding application and review and assessment by an independent external due diligence agency.
The recommendation is to award Cypress House a loan for the value of £127,727.00.
The project will create 723 sqm of affordable workspace and will support 25 creative businesses as well as providing exhibition and event space for local artists and creative businesses.
The applicant has committed to:
-Support the creative businesses in Wood Green by creating 25 affordable serviced studios.
-Creation of new job and work experience opportunities in Wood Green.
-Continue to work with Haringey Workspace Providers Forum.
-Paying all its staff the London Living Wage as a minimum.
-Encourage the tenants and members of Cypress House to use local supply chain and promote business to business opportunities.
-Working with Haringey Works and its nominated partners to source local residents for jobs, apprenticeship, and work experience opportunities.

The project has been recommended for approval based on the evaluation of an application and business plan solicited through an open bidding round.
The evaluation process is set out in the application pack and assesses applicants’ proposals on the contribution to core criteria of the Fund and the financial and operation competency of the applicant.
The proposed premises was left vacant in an area where there is a high demand for affordable and flexible workspaces for creative businesses.
The scheme would support Haringey’s effort to increase and improve the quantum of affordable workspaces in Wood Green’s ‘cultural quarter’ and retain the status of the area as a hub for creative businesses.
The loan will also contribute towards improving the quality of our workspaces and comply with the Energy Performance Certification requirement.
By not supporting this initiative, the Council would miss a great opportunity to increase the number of creative businesses in the area and support the intensification of the employment space in the borough