04/03/2008
Turner Prize-nominated artist Tracey Emin has paid a total of £4 million to save a former weaving works that is currently used by up-and-coming artists from development.
Ms Emin acquired the Tenter Ground building, a 17th century factory in London's Spitalfields area that was originally placed on the market for £1.5 million.
However, she paid the extra amount to buy out the leases of artists who are already resident in the factory, paving the way to a two and a half year restoration project.
The purchase will add 8,000 square feet of space to Ms Emin's portfolio and she explained that she made the acquisition to ensure the building remained in use by artists.
"It is a listed building and it is important to me to keep artists working in the area and keep it in artisan use," she said. "And also not to have it turned into a hotel or restaurant."
"It would be far cheaper for me to buy somewhere else. It wasn't a deal in that sense. But I like the idea of keeping that use for the building."
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