WEST FERRY STUDIOS (Peabody)

DEVELOPER
Peabody Trust

LOCATION
Opposite West Ferry light railway station, near Canary Wharf, London docklands



STAGE
Completed November 1999

SCALE
27 'work/live' studio units, all let to micro businesses. Nine B1 work-only units at ground level
design: 18 of the 27 studios are undivided studio spaces, with 9 subdivided more conventionally like apartments. Floors and doors designed to allow light industrial machinery to be installed

TENURE
Business lets, current aim is for 50% market rents with 50% o­n sub-market subsidy scheme

FUNDING
Former housing land donated by former London Docklands Development Corporation. The £3.45 million development cost was funded by Peabody private finance

PARTNERS
East London Small Business Centre, provides tenants with business advice service as part of service charge package, plus start-up loans

TARGET MARKET
Subsidised studios aimed at start up businesses demonstrating simultaneous need for affordable premises and viable business plan. Market rent studios: no restrictions other than good business references and credit check



DEFINING FEATURES
Work-dominated business incubation scheme with maximum five year stay

An in depth analysis of this scheme is available in our report Homes that Work

CONTACT
David Tannahill, Peabody commercial initiatives director