London-based charity Acme, which provides affordable studios and living space for artists in the capital at under a third of the market rent, has secured the future of its Propeller Factory building in Deptford after completing a sale purchase – the biggest building Acme operates in, and the largest remaining long-term studio building of its kind in London.

Acme currently supports more than 800 artists in around 600 studios across 15 sites in London and affordable, private studio space with tailored professional development support – including bursaries, mentoring, training and a hardship fund for artists.

Founded in 1972 by artists who were looking for somewhere they could both live and work, Acme has grown from a grass-roots initiative in East London into England’s largest single provider of permanent, affordable artist studios. Alongside its studios, the charity undertakes research and sector advocacy to address the structural barriers faced by artists and creative freelances, including current work with a student researcher from Goldsmiths, University of London exploring challenges to entering and sustaining a career in the arts.

The £5.5 million funding package from Lloyds has enabled Acme to buy the building it previously rented for more than 30 years, helping ensure long-term, affordable workspace for artist in a city where demand continues to outstrip supply.

Acme Propeller Factory is the charity’s largest acquisition to date. A former heavy industrial building, it has housed generations of fine artists and sits within an ecosystem of specialist suppliers and galleries that have set up around the site. By moving from renting to ownership, Acme can now plan a longer-term programme of improvements that were difficult to progress under a lease, including accessibility upgrades such as additional lifts, and building works to support more flexible, fit-for-purpose studio and training space.

The purchase also strengthens Acme’s strategy – creating stable, affordable spaces that become part of London’s cultural infrastructure, rather than short-term provision that can be lost when leases end. Out of the 15 buildings that Acme operates in, Propeller Factory is now the ninth building that the charity owns outright.

Lloyds has supported Acme for more than five decades and previously provided funding for other property acquisitions. This follows the announcement that more than £8bn of new finance can be available to businesses across London in 2026, as part of Lloyds Banking Group’s plan to make more than £35bn of new finance available to companies operating and investing across the UK in 2026.

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.”

David Kearney, Relationship Director at Lloyds, said: “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.”