UNSW's College of Fine Arts (COFA) is part of a new artistic hub at Sydney's Taylor Square.

COFA has taken temporary lease of the top floor of a landmark building which has been bought by the City of Sydney as part of its plan to reinvigorate the area.

The space was open to the public for the first time at the weekend.

The new creative centre houses 10 local and international postgraduate students working in the schools of design, media and fine arts; while RG 2010, formerly known as Reverse Garbage, will be on the lower floors. Reverse Garbage is a not-for-profit group that sells industrial discards to the public, reducing the amount of waste going to landfill.

COFA Dean Professor Ian Howard says COFA is delighted to continue its active association with the Oxford Street Cultural Quarter.

"This will help bring about a vibrant creative community to the heart of Taylor Square," Professor Howard says.

The students will use the building as studio and working space while the building exterior is being renovated over the next six months.

Lord Mayor Clover Moore MP says the new tenants will make a great contribution.

"This is a big step forward in the City's revitalisation of Oxford Street, both culturally and economically. With the Taylor Square Markets just across the road, we now have a vibrant, people-friendly hub breathing new life into the precinct," Ms Moore says.

The building will eventually be converted into a bike hub for commuter cyclists. See coverage in the Sydney Morning Herald.

Media contact: Susi Hamilton, UNSW media, 9385 1583