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.