Barclay's Bank is partnering up with charity 3Space to turn vacant vaults into free public space the community can use for creative projects. Called Hatch, the 3Space initiative re-purposes the bank's under-utilized properties as a makers space intended for social entrepreneurs, early stage startups and community groups. The first Hatch branch opened in Oxford in December.
The free public space is the first of four to be opened this year. In addition to offering desk space, Hatch Oxford provides mentoring options as well as 3D printer access, sewing machines and workshop tools within the Makervault.
Based in the UK, 3Space is all about altruistic real estate and helping non-profit organizations and community projects by recycling vacant commercial properties.
Community-Building Recycled Vaults
3Space's Hatch Project Turns Empty Banks Into Free Public Space
Trend Themes
1. Community-supported Regeneration - There is an opportunity for other companies to partner with local nonprofits in repurposing vacant spaces to foster community-led innovation and alleviate local needs.
2. Makervault Workshops - Incorporating equipment like 3D printers, sewing machines, and workshop tools into workspaces can create opportunities for entrepreneurs and community groups to build prototypes and manufacture products.
3. Altruistic Real Estate - There is an emerging trend for real estate companies to use vacant commercial properties to meet community needs and facilitate social innovation.
Industry Implications
1. Real Estate - Real estate companies can generate social impact by donating or leasing vacant properties for community-driven innovation.
2. Community Projects - Community-led innovation can benefit from partnerships with local companies and access to equipment and tools to prototype and manufacture products.
3. Non-profit Organizations - Non-profit organizations can leverage under-utilized commercial spaces to support their projects and initiatives through collaboration with local businesses.