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A benevolent property development company has found a way to help budding art entrepreneurs flourish.
Property development company TWT is assisting creative arts entrepreneurs by providing them with 4,500 square metres of heavily subsidised space within five buildings it owns in St Leonards, Sydney.
Under the guidance of not-for-profit arts organisation Brand X, the TWT Creative Precinct fosters start-up art businesses to grow without the need to pay commercial rent.
Artists, art galleries, recording studios, photographers, fashion designers, clothing manufacturers, performance artists, multimedia firms, film production companies and theatrical groups are all taking advantage of the spaces in Chandos and Atchison Streets, and Atchison Lane.
“We are looking to help ‘risk-takers’ in eclectic and innovative fields build up a business until it is profitable enough to move into commercial premises, which frees up the space for new entrepreneurs,” Brand X director James Winter commented.
Mr Winter pointed out that it is usually a long process for entrepreneurs to grow an idea into a successful business, and many are not able to due to the lack of cash flow to pay ongoing rent.
“TWT has given the next generation of business practitioners the opportunity to develop their idea,” Mr Winter remarked.
“I hope the success of the Frasers arts precinct at Chippendale and the TWT Creative Precinct at St Leonards will encourage more developers to put people before profit and make space available to more artists,” he said.
[Related: Real estate network celebrates milestone]
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