The Creative Land Trust will look to tackle the problem of rising rents in the capital, which have impacted on the availability of permanent, affordable workspace for London’s artists.
The mayor of London has been working with a consortium of entrepreneurs and philanthropists, known as Studiomakers, to help maintain London’s status as the world’s cultural capital.
The Creative Land Trust will secure studio buildings permanently across the capital and enable access to finance and soft loans to acquire workspace.
It will also be an innovative solution to finance affordable creative workspace in London after The Artists’ Workspace Study predicted a 30% loss of such space in London by 2019.
“I am committed to improving access to dedicated, affordable workspace so that the next generation of creatives are given the extra support they require to flourish,” said Mr Khan.
“I want the artists of tomorrow to be able to fulfil their potential and follow in the footsteps of their role models so that London can continue to be the cultural capital of the world.”
The creative industries currently contribute £32bn to London’s economy, representing one in six new jobs.
Joyce Wilson, London director of Arts Council England, added: “Across England, artists are feeling the pressure of rising rents and lack of affordable space, but this is particularly severe in London.
“We cannot risk destabilising the creativity of our capital city.
“I’m pleased we have been able to support the mayor of London’s plans, and look forward to the solutions this study will offer toward a more resilient future for the sector.”