The property market is a highly lucrative one, which is why it is very rare to see prime real estate being offered at a heavily discounted rate to anyone.
However, property developer TWT is doing just that and making 4,500 sq m of space within five of its buildings in St Leonards available to entrepreneurs in creative arts fields at a heavily subsidised rate.
To make this possible, the company has partnered with the not-for-profit government-backed initiative Brand X.
This is a scheme designed to source space for artists by repurposing under-used properties in Sydney with the aim of forming the TWT Creative Precinct. It is hoped this will allow start-ups in the arts sector to gain a boost by avoiding having to pay commercial rent.
A long list of entrepreneurs are already waiting to become part of the TWT Creative Precinct, according to Brand X director James Winter.
He explained that all currently available space is occupied by people from a wide variety of backgrounds, including artists, photographers, fashion designers, recording studios, theatrical groups and film production companies.
"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,” he commented.
"It usually takes a long time to see the germ of an idea fruit into a successful business, and many never get a chance to grow because there [aren't] funds or cash flow to pay the ongoing rent."
Mr Winter acknowledged that there have been difficulties in getting some property companies interested - but that it is very welcome when a firm does engage with the arts, as has been the case in St Leonards.