Acme secures future of artist hub

A London arts charity has secured the future of one of the capital’s largest affordable studio buildings following a £5.5 million funding package.

Acme has completed the purchase of the Propeller Factory in Deptford, a building it has rented for more than 30 years and which is now the largest property in its portfolio.

The charity provides affordable studio and living space for artists at significantly below market rents and currently supports more than 800 artists across 15 sites in London.

Funding from Lloyds enabled Acme to acquire the former industrial building, helping safeguard long-term workspace for artists in a city where affordable creative space remains in short supply.

Officials say ownership will allow Acme to undertake future improvements, including accessibility upgrades and more flexible studio and training spaces.

Richard Kingsnorth, co-director of Acme, said: “London’s artists need more than short-term space – they need stability. 

“Securing the Propeller Factory means we can protect genuinely affordable studios for the long term, in a building that has been home to artists for over three decades and plays a vital role in the city’s ecosystem. 

“This deal with Lloyds allowed us to act quickly and buy a site we’ve invested in for years, so we can keep supporting artists who would otherwise be priced out of the city.”

Founded in 1972, Acme has grown into England’s largest provider of permanent affordable artist studios. 

The acquisition of the Propeller Factory strengthens its strategy of securing long-term ownership of key creative spaces, reducing the risk of studios being lost when leases expire.

The Propeller Factory is the ninth building owned outright by the charity and has become home to generations of artists, as well as a wider network of galleries and specialist suppliers.

David Kearney, relationship director at Lloyds, added: “Acme plays a vital role in London’s creative ecosystem, providing secure, affordable studios and practical support that helps artists build sustainable careers. 

“Acme Propeller Factory is a unique building with an established artistic community, and it was clear how important securing the site was for Acme’s long-term plans. 

“The charity’s focus on permanent provision and long-term stewardship sets them apart in the sector, and it’s a privilege to support that ambition.”

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