Historic Buildings
The Spitalfields Trust has been a leading player in the heritage sector since 1977 rescuing over 80 buildings at risk. However, COVID and acute build cost inflation has left us severely exposed and represents an existential threat to our survival. After decades of negotiations, in 2023 we acquired the Archbishops Palace in Kent; an infamous example of HAR and for a long time one of Historic England’s highest priorities. The economics of the project were always tight, predicated on maximising enabling development to fund repairs to a medieval great hall. Lower receipts from other projects and abnormal inflation set against static sales values and no further scope for development has obliterated the financial model of the project and now threatens to sink the Trust. We need this project to buy critical time to raise funds from a disposal, re-think the Palace project and review our approach to rescuing heritage buildings.
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