Islington Council has partnered with City, University of London to provide affordable workspace to small businesses in the borough. The “better space” collaboration will act as a social enterprise hub.
City University said in a press release that it would be “providing specialist support to social enterprises and strengthening the wider business community through promoting local supply chains, developing business networks and encouraging responsible practices.”
The plans – announced on 8 March – will make City the operator of the office space, The Ray Farringdon at127 Farringdon Road. This 6,000 square foot site will soon be available to businesses at below market rents.
City University was selected due to their track record of offering employment initiatives to Islington residents with schemes such as the Launch Lab Accelerator programme – which provided mentoring to new start-ups in the borough.
With this latest acquisition, dubbed “better space”, City is aiming to continue delivering social value initiatives. Instead of paying rent, City University will be providing expert support to entrepreneurs, offering employment opportunities to Islington residents and helping the council meet their target of becoming Carbon Neutral by 2030.
Councillor Asima Shaikh, Islington Council’s Executive Member for Inclusive Economy and Jobs, wrote in a press release: “I am really excited to be working with City to offer this truly affordable workspace to local people seeking to start their own businesses.
“Better Space is an innovative scheme that will play a key role in delivering a significant amount of social value.
“The focus on social enterprises is a central priority for us in working towards a more democratic and resilient local economy – an economy which works for everyone.”
