Decision details

This report seeks approval under delegated authority for the award of an Opportunity Investment Fund (OIF) loan to Ten87 Studios ltd for the sum of £150,000 (one hundred and fifty thousand pounds), under Contract Standing Order 17.3 (Approval for Payment of Grants from the Council to External Bodies).

This report also seeks approval under delegated authority for the award of a grant under the Opportunity Haringey Workspace Fund to Ten87 Studios ltd for the sum of £48,300 (forty eight thousand and three hundred pounds), under Contract Standing Order 17.3 (Approval for Payment of Grants from the Council to External Bodies).

Workspace is a key priority theme of Opportunity Haringey, Haringey Council’s Inclusive Economy Framework. Inflationary pressures, rising utility costs and redevelopment of some workspace sites is limiting the ability for workspaces to thrive, expand and to provide affordable pricing. There is demand
for employment space in Haringey, but we have a limited land supply, a need for more affordable workspace, and a prevalence of low to average quality properties. A priority of Opportunity Haringey is the Opportunity Haringey Workspace Programme to increase the provision and quality of workspace in the borough.

The aim of the project is to support the local creative community by providing affordable, high-quality studios. Ten87 Studios ltd aim for the expansion to help accommodate more artists and creatives, enhancing the cultural vibrancy of the area and generating significant economic activity through new job opportunities and business for local suppliers. The project aims to create 32 full time equivalent (FTE) jobs and 1,440 square feet of new commercial floorspace created / brought back into use.

The Council could decide to not provide a grant and OIF loan to Ten87 which could result in less affordable workspace and music and creative space in the area. It would hinder a priority of Opportunity Haringey to increase the provision and quality of workspace in the borough.