SPACE

Rental costs include building insurance, rates, maintenance, administration, service charges, water, refuse collection and other related direct costs. Electricity is billed separately according to use. Each studio is fitted with an individual checkmeter which is read and billed to the tenant 3 or 4 times a year.

How individual studio rents per square foot are calculated:
The price per square foot varies on each building (currently between £8-£14.50 per sq. ft per annum). For example if the studio measures 15ft x 20ft the square footage will be 300 sq ft (15 x 20 = 300 sq ft). If rent is charged at £9 per sq ft then the calculation is 300 (sq ft) x £9 = £2,700 per annum. Divide by 12 for monthly rent = £225 per month.

Each tenant is required to pay a minimum of one month’s rent as deposit and possibly a £15 charge for a credit search. There is also an administration charge of £50 for each tenancy (including tranferring studios). This charge does not apply to shares or sub-lets. Artists are strongly advised to sign official sharing and sub-let agreements (which are simple to do) as illegally occupying a studio could lead to an eviction notice for the tenant. (See Sharing and Sub-letting below).  It is also important to be able to pay rent regularly each month as arrears in rent lead to eviction from the studio plus a summons from the small claims court and interest on the sum owing.

Please note that all our buildings are leased and our landlords can and do increase the rents as their right and that therefore SPACE will make annual rent increases as and when appropriate to maintain trading solvency.