Introduction

Camden Collective is a charity providing free and subsidised workspace in Camden Town, London. It is run by the business improvement district for Camden Town, Camden Town Unlimited.

The project transforms vacant and underused spaces for temporary meanwhile use, and provides free hot-desking space, subsidised offices and training academies in creative and digital skills for young people. We have also carried out public art, pop up shops and other initiatives in the past.

Since 2009 the project has transformed 19 properties, created 100,000 sq.ft of new employment space, 200 jobs, and won over 20 national awards.

Excellent progress has been made to improve skills, employability and enterprise, but we now want to secure the continuation of the project by developing a sustainable business model. A project we are calling C3.

A New Housing and Employment Solution.

A New Housing and Employment Solution.

The Challenge

London faces the challenge of managing growth. It's population is projected to grow to 10.11 million by 2036. 

Alongside changing demographics, technological advances mean London's town centres and high streets are undergoing significant restructuring that challenges their traditional role.

Faced by a rapidly growing population, we believe high streets could, and should, help meet some of this housing need, and present one potential source of accommodating this growth.

Enabling high quality, high density housing to help meet London’s acute housing need will also contribute to town centre vitality, footfall and expenditure. 

The Proposal

We are going to use the long term structural changes affecting in London (these include changing demographics - a growing population, and its effect on rising land values), to create a sustainable business model.

We are going to purchase a site and carry out the development of a mixed-use building that combines affordable employment (co-working) space on the lower floors, with affordable residential (PRS) accommodation on the upper floors.

The C3 project:

  • Is 100% business-led, and;

  • Will create a new type of housing provider, that;

  • Accesses new types of (social) finance, and;

  • Establishes a self-financing replicable business model at scale, that;

  • Intensifies growth at a town centre location, and;

  • Operates on a not-for-profit business model, which means income generated is re-invested into the project to achieve social outcomes.

Why Now?

The demographic challenges and pressure on land values in London and Camden are not going to change anytime soon.

The biggest challenge the we face is acquiring properties to be able to carry out the project within. If we don't act now a continuing rise in land values in London will make the Collective and C3 project unfeasible in the future.

How does it work?

To pay for the development we are going to have to borrow money, like a typical mortgage.

The difference is that this money is going to be a social finance loan, rather than a mortgage. (Social finance is an approach to managing money which delivers a social dividend as well as an economic return). This means the lender is interested in realising employment benefits, as well as a financial return.

The residential accomodation on the upper floors will generate an income that subsidises the affordable employment and co-working space provided on the lower floors, as well as paying back the debt

The Benefits

  • Enabling high quality, high density housing to help meet London’s acute housing need while also contributing to town centre vitality, footfall and expenditure

  • Creating new employment space that improves the skills, employability and enterprise of SMEs

  • Reinforcing the character and distinctiveness of Camden's town centre within London’s network

  • Fostering a vibrant cultural offer which embeds Camden’s core attraction within its town centres as the heart of community life

  • A sustainable, replicable and scalable business model that can be applied across London

Why Us?

Camden Town Unlimited is the most innovative business improvement district in the country and is well placed to start exercising a leadership role to enhance the speed, scale and quality of housing delivery in Camden Town. 

Collective+building.jpg

Progress

  • C3 was shortlisted for the NLA New Ideas for Housing - International Ideas Competition, which looked for innovative ideas to solve London's housing crisis.

  • We have identified preferred sites for the development in Camden Town and are continuing to work with Camden Council and private landowners to secure a location.

  • We are currently using £50k from the City Bridge Trust Stepping Stones Fund to carry out financial modelling and business planning.

  • The project has secured indicative terms from social lenders for the project, and we are working to secure further grant and loan match funding from both public and private sources to help with securing the site, paying for pre-development, professional fees and planning application costs.

The flowchart below shows our progress so far, where steps 1, 2 and 3 are complete.

 
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Partners

Our success, and the success of our projects, relies on the strength of our partnerships – with funders, landowners, local authorities, consultants and contractors. And most importantly, with the communities in which we work in Camden.

We rely on grants and raising our own revenue to fund our activities. The project has been supported by various public and private contributions to the value of £3m+, including:

  • The Mayor of London’s High Street Fund

  • The Mayor of London’s Regeneration Fund

  • The London Enterprise Panel and Mayor of London’s Growing Places Fund

  • Camden Council

  • Camden Town Unlimited

  • City Bridge Trust Stepping Stones Fund

  • The Mayor of London’s Good Growth Fund Development Funding

Work with us

Are you a funder, landowner, local authority, consultant, contractor, or just interested in the project?

Email: collective [at] camdentownunlimited [dot] com

Phone: +44 [0] 207 380 8260

Awards

The project has won the following awards since 2009.

  • Winner, 2010 Don’t Move Improve, Improve! with Dexter Moren Associates

  • Winner, 2013 ATCM Awards, Innovation in BIDS

  • Highly Commended, 2013 ATCM Awards, Town and City Partnership BIDS

  • National Finalist, 2014 Royal Institute of Chartered Surveyors, Commercial Development

  • Winner, 2014 Third Sector Business Charity Awards, Community Impact Award

  • Winner, 2014 Third Sector Business Charity Awards, Charity Partnership small business with turnover less than £6.5m

  • Winner, ASDA Enterprising Growth, 2014 Business in the Community Awards

  • Winner, Big Tick Award, 2014 Business in the Community Awards

  • Shortlisted, 2014 New London Awards ‘Retail’

  • Commended, 2014 New London Awards ‘The Temporary’

  • Highly Commended, 2014 ATCM Awards, Diversifying the Business Mix

  • Highly Commended, Improving The Business Environment, Department of Business Innovation & Skills

  • Gold, 2014 Corporate Engagement Awards, Best Collaborative Approach

  • Gold, 2014 Corporate Engagement Awards, Best Execution

  • Gold, 2014 Corporate Engagement Awards, Most Innovative Collaboration

  • Silver, 2014 Corporate Engagement Awards, Most Effective Short Term Programme

  • Silver, 2014 Corporate Engagement Awards, Best Combined Programme

  • Winner, Best Programme of Support for Small Businesses, 2014 Small Business Friendly Borough Awards

  • Best Shop, 2014 Time Out Love London Awards

  • Shortlisted, NLA New Ideas for Housing - International Ideas Competition

  • Commended, 2016 New London Awards ‘Office Interior’

  • Winner, 2016 New London Awards ‘The Temporary’

  • Bronze, 2016 Corporate Engagement Awards, Most innovative collaboration

  • Gold, 2016 Corporate Engagement Awards, Best collaborative approach

  • Shortlisted, 2016 RIBA MacEwen Award

  • Shortlisted, 2017 RICS Regeneration Award