Decision details

This report seeks approval under delegated authority for the award of a loan agreement to Unit 58 Ltd for the value of £125,000.

The business will use the loan to convert the space at 58 Millmead Industrial Estate into artist and multi-media studios.

OIF will be used specifically for the refurbishment of the current floorspace of approximately 5,000sq.ft and the installation of a mezzanine floor, increasing the commercial space by a further 3,390sq.ft. bringing the total floor space to just over 8,300sq.ft. The space will be converted into 16 new and affordable artist and multi-media studios, including a large flexible space for hire plus amenity space. They have a 15 year lease on the property.

Officers’ recommendations have been approved by the Tottenham Programme Delivery Board on 2nd November 2017, following evaluation of a funding application by officers, including the OIF Advisory Group made up of officers from LBH and GLA.

The decision is to award Unit 58 Ltd a loan agreement for the value of £125,000.

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, strategic objectives as set out in the Tottenham Strategic Regeneration Framework and the financial and operational competency of the applicant.