For Matthews Yard, these past couple of months have provided the highest of highs and the lowest of lows.

In early March the arts hub received a "significant win" by securing an asset of community value listing (ACV).

But just four days after that joyous moment, developers officially submitted an application to demolish the site and turn it into flats.

RELATED: Matthews Yard gets 'significant win' in fight to stay open

This forced founder of Matthews Yard, Saif Bonar, to prepare for the worst.

"In anticipation that planning permission will be granted to developers in June or July this year we decided to look at what else was available nearby so that we can be better prepared," he said. "As part of that process the premises right next door in Exchange Square became our focus.

"This space is operated as The Exchange Workspace but has been sharing the Matthews Yard brand with the intention that the Yard would take it over once it was in a position to do so."

RELATED: Matthews Yard: Application submitted to turn it into flats

After talks with the directors of Save Matthews Yard it was decided they would be better placed to adopt the space and make it their new home.

"It is already operational, and the workspace and suites 2-5 on the floorplan are already occupied, this means there is residual income to ensure the space is financially viable in the future," Mr Bonar said.

"The parts of the space which haven't been occupied yet will be refurbished to include an Art Gallery, smaller studio theatre and a library, a meeting room to host courses, classes and workshops.

"Securing this space for the future will ensure the Matthews Yard brand lives on in the town centre and while it won't allow us to accommodate everything from our current premises, it will be a good start."

Now they are in the process of securing funds to safeguard the space in Exchange Square, in the event planning permission is granted and the building at 5-9 Surrey Street gets demolished.

To do this, grant applications have been sent out to try and fund the campaign, but in the meantime a Crowdfunder has been set up, which you can view here.

"The campaign will provide a vital lifeline and we urge anyone who likes what Matthews Yard has done over the past 6 years in Croydon to make a pledge for as little or as much as possible," Mr Bonar said.

RELATED: Developers speak out about proposed demolition of Matthews Yard

"There are some excellent rewards on offer and we are particularly keen to get support from corporates and other indy local businesses. On that front, TMRW hub and Sussex Innovation Centre have already promised to get behind us."

Regent Land and Developments, the company behind the application which is threatening the home of Matthews Yard previously opened up about what exactly its plan for the site is.

"The team responsible for the redevelopment of the site, are pleased to be able to confirm that, in addition to 55 new homes (with 34 per cent affordable), an enhanced cultural offer will be a key element of ‘Beamhouse Yard’," a spokesman for the company said.

"The new lower ground floor venue, will be run by Croydon’s arts company Hoodoos.

"The Beamhouse will provide over 5,000 ft2 of cultural space, music, comedy arts, theatre and open mike events, along with a café, bar and food offering.

"Culture and arts at this important location is therefore not only ‘saved’ but hugely boosted."