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Somerset Co-operative Community Land Trust

Invest in Somerset Co-operative CLT Ltd

Investment details

Who benefits

This share offer's primary target community is people in Somerset who are in need of more affordable homes. Through providing more affordable homes to rent and to buy, Somerset Co-operative CLT will serve people who currently find it difficult to buy or rent a decent, affordable home in Taunton.

Providing permanently affordable housing

As a Community Land Trust, SCCLT will create more affordable, sustainable housing, by building new homes, refurbishing properties and engaging the community in urban farming. SCCLT create housing themselves, and support others to do the same.

Somerset Co-operative CLT's business model for this share offer is based primarily around the purchase of a property, land, and to cover preliminary costs of developeing new properties.

SCCLT have agreed a price of £170,000 for the proposed new property purchase of 11A East Reach. The property brings in regular income from the upstairs flat and from the ground floor shop presently rented by a massage therapist. This income is sufficient to cover the costs of buying and maintaining the premises, and this business plan relies only on a continuation of the present income stream with a similar level of voids in existing properties. The large back garden adjoins the existing garden owned by SCCLT and combines to form a much larger area for development.

The community

Somerset Co-operative CLT recognises the impact that unaffordable housing can have. There is increasing pressure on social housing waiting lists, and concern about the quality of rented accommodation at the lower end of the housing market. People who are already in poverty can be pushed further into poverty by living in poor quality, hard to heat homes.

A lack of affordable housing to rent and buy can also impact on the area’s ability to attract and retain talented young people who will set up businesses and create employment.

Somerset Co-operative CLT's primary target community is people in Taunton who are in need of more affordable homes. Through providing more affordable homes to rent and to buy, SCCLT will serve people who currently find it difficult to buy or rent a decent, affordable home. They will encourage people in housing need to become members of SCCLT (people can become members of the community benefit society for £1) and encourare tennants to become memebers of the SCCLT board.

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