2223-0324 – Regent's Wharf Affordable Workspace

Islington Council is seeking to partner with a socially-focused and innovative workspace operator to deliver a net zero carbon focussed affordable workspace situated in the Caledonian Ward. A fifteen-year lease will be awarded at peppercorn rent in exchange for well-defined social value outputs (to be outlined in a services concession agreement). We want to build a more equal Islington and create a local economy that works for all; where everyone, whatever their background, has the opportunity to reach their potential and where fairness, social justice and sustainability informs everything we do. As a result of the pandemic, this mission has never been more urgent. Islington is a borough of great prosperity paired with intense poverty and social exclusion. COVID-19 has exacerbated this contrast, creating major challenges for residents, businesses and communities. Our Affordable Workspace Strategy is central to this vision – the council secures new affordable workspaces through the planning process, activating under-utilised assets in its portfolio and through external funding. Operators are appointed to run these spaces, and in lieu of paying rent, will deliver a range of social value initiatives for the benefit of local people, businesses and communities. Regent’s Wharf is a large redevelopment of 10,300m2 due for completion in Summer 2023. The site includes both new and refurbished canal side buildings across four key buildings: Thorley Works, The Canal Building, The Mill and The Packing House. The affordable workspace is situated within The Packing House. The workspace is a ten-minute walk from Kings Cross station and benefits from great transport links via the Circle, Piccadilly, Hammersmith & City, Metropolitan, Victoria, and Northern Line, national rail, and local bus routes. The space is currently under construction and practical completion is expected by August 2023. We anticipate starting the contract once the site is handed over and the anticipated contract start date is late August 2023.