The primary focus of this share offer is to raise finance for Somerset Co-operative CLT's purchase of 11A East Reach - a property adjacent to the CLT's offices.
If it raises above its minimum target (i.e. the finance that is required to progress with purchasing 11A East Reach) the CLT will purchase the land behind the property, which is also for sale. SCCLT would use this land to develop three flats, as well as contribute more land to its urban farming project. The flats will be made available for affordable rental and sale – and through their role as a Community Land Trust for Somerset the Society will ensure that these homes are available for affordable housing in perpetuity.
If SCCLT reaches the maximum target, it will employ funds to purchase additional property, but will only do so in the short term if there is a reliable and committed income stream that will immediately cover the cost of interest (or in the longer term, as the result of member consultation, fresh business planning and negotiation of further long term finance).