A GIANT derelict warehouse in Westbourne Green is to be transformed into a new home for more than 200 artists.
Designers, illustrators and architects will more from Great Western Studios in Great Western Road, North Paddington, to a new building in nearby Alfred Road.
To secure the future of these businesses, £1million has been set aside to ensure traders based at Great Western Studios remain in the Paddington area.
Half the money comes from Westminster Council, with the other half from Westminster City Partnership, an alliance of public bodies including the police.
This means that for the next 10 years, these companies will be charged £15 per sq ft as opposed to the normal market rate of £27 per sq ft, helping to secure 220 jobs.
The new building boasts 91 studio spaces, a café and exhibition gallery across three floors.
The old building is soon to be demolished for the high frequency railway service Crossrail to be built, meaning the artists will need to leave by September this year.
As part of the redevelopment, the canal side in front of the warehouse will be enhanced with a number of sculptures beneath the Westway flyover.
People will be able to walk straight from the towpath into the building.
Great Western Studios studio manager Adam Withington said: "We are delighted to have found and secured a permanent home with the help of Westminster Council.
"It will enable us to continue with our mission to provide affordable workspace for artists, designers and craftspeople in Westminster and to create a vibrant, new cultural centre for the borough.