Boosting the Scots economy is an art form

A SOCIAL enterprise has completed the £3.5 million redevelopment of a warehouse in Glasgow into artist workspaces which is expected to boost the Scottish economy by £69m.

Wasps Studios (Workshop and Artists’ Studio Provision Scotland) has already secured tenants for around 70 of the 96 workspaces, including painters, sculptors and jewellers, to the former textiles warehouse in Glasgow’s Merchant City.

Scottish Enterprise estimates that the project, South Block, is likely to generate economic benefits of £69m over the next 20 years. Wasps Studios uses rents paid by commercial businesses to reduce rents for artists and social enterprises across its portfolio of 19 buildings.

The project was funded with £2.65m from Creative Scotland, Scottish Enterprise, the Scottish Investment Fund and the European Regional Development Fund Programme, as well as £500,000 from Triodos Bank. Glasgow City Council donated the building on an 80-year lease.