Revenue from exhibitions at Great Pulteney Street gallery to be invested in residential portfolio
Soho Housing has launched its latest commercial venture, Great Pulteney Street gallery, a new 90 sqm gallery in the heart of vibrant Soho. Located at Grade II listed 36 Great Pulteney Street, the gallery is the latest addition to the association’s commercial assets, from which revenue is reinvested into the provision and maintenance of affordable housing in the centre of London.
The gallery site holds a firm place in the association’s history as one of the first dilapidated properties purchased when Soho Housing was founded in the early 1970s. A mixed-use approach to these sites has been critical in ensuring families and workers are able to live in central London and five affordable homes remain above the exhibition spaces. The property offers three flexible gallery spaces, available for exhibitions with high ceilings, wooden floors, and plenty of natural light.
The new gallery is a cornerstone in Soho Housing’s strategy to adapt to the increasing challenges faced by the affordable housing market amid tough economic and political conditions. Evolving how the sites are used has been critical to maximising a revenue stream in order to upgrade a historic property portfolio to modern housing standards and levels of efficiency.
Soho Housing’s portfolio has always included mixed-use buildings, most notably the 125 Sandringham Flats above the historic ‘booksellers’ parade on Charing Cross Road. The association has 40 commercial units generating income to reinvest in its 800 residential properties and is committed to working with local partners alongside regularly evaluating its property portfolio to ensure assets are working hard for the residents they support.
Commenting on the gallery opening, John Wallace, Commercial Director at Soho Housing, said: “Tough economic conditions for the affordable housing sector and London’s extremely competitive property market requires housing associations to come up with creative and innovative solutions to the challenges we face.
Soho Housing has been a steward of our local community since 1973, and we are committed to identifying new ways to unlock the value of space in our diverse property portfolio for the benefit of our residents. Great Pulteney Street gallery is a step forward in our ability to continue to provide quality, affordable homes in central London. We are proud that it will contribute to the cultural identity of the area, too.”.
Great Pulteney Street gallery, 36 Great Pulteney Street, W1F 9NS
www.gpsgallery.co.uk / info@gpsgallery.co.uk/ @gpsgallerysoho
