There is a shortage of appropriate and affordable office space for charities and social enterprises, particularly in central London. The Foundry aims to create affordable office space for like-minded organisations in the social justice sector, where they can collaborate, share ideas and work together to enhance their public profile. The ability to engage with and inform the wider public in social justice and human rights issues can contribute to the social regeneration of the UK.
The investment will help fund a major refurbishment and sizeable extension of a property in Vauxhall, London. Ethical Property Company will be responsible for managing the refurbishment and development of the site and managing The Foundry once the development work is completed. The Foundry will offer 30,000 square foot of well-managed office space with communal facilities, a conference hall and meeting rooms, a public café and exhibition space. They will lease office space to non-profit organisations or social enterprises that are seeking to reduce structural injustice, abuses of human rights, inequality or unequal distribution of resources, or addressing injustice and protecting rights at individual, local, national or international level. The Foundry will help these organisations overcome the challenges of finding appropriate and affordable office space and thereby building up their resilience.
The investment will provide flexible development capital for the major refurbishment and extension of office space situated in Vauxhall, London. The Foundry will aim to provide flexible lease terms that are supportive to their tenants, enabling them to focus on their core activities.
The Foundry is an innovative project bringing together a broad spectrum of investors. Our investment is crucial in enabling the project to go ahead; we believe that such collaborations have a big part to play in the growing social investment market. Our investment also further strengthens The Ethical Property Company’s role as a leading ethical property developer in the market. The Foundry and other similar developments offer investors the chance to make an ethical investment in property that has the potential for financial and social returns.
- Big Society Capital investment: £2,700,000
- Total fund size: £11,870,000
- Who’s involved: The Ethical Property Company in partnership with Trust for London, Joseph Rowntree Charitable Trust, Barrow Cadbury Trust, Bridges Ventures, Charity Bank, Rathbones and LankellyChase Foundation.