A location for emerging talent in design/arts, studios, manufacturing, display..
It would create a space for the development of emerging designers/ manufacturers. Studios they could rent at low cost with access to manufacturing/ design hardware and software. This would enable students from design courses to develop their own brands/ designs.
There would be a performance/ display space and regular showcases to highlight work. Incorporating links and access to Universities to enable the practical application of current research. Resident designers would also have access to advisers and speakers to help solve problems and inspire.
Local workshops could be run in interest areas and or homework clubs to take some of the onus for this off schools/ teachers.
It could also include space for "factory" production, small batches enabling some local employment in the production of designs and prototypes.
Some one has mentioned a factory already, this is an expansion of their idea. There may be similar spaces already in London.