Our mission is to provide sustainable and affordable housing, and workspace for community enterprises, in Somerset; while promoting co-operative principles and equality of opportunity.
The values that guide us in doing this are grassroots empowerment, sustainability, mutuality, community and equality.
To find out more, please check the options in the menu bar to the left, or download our leaflet below.
SCCLT is a new co-operative society, registered under the Industrial and Provident Societies Act 1965, working to address the chronic shortage of affordable sustainable housing in Somerset, at the same time as creating incubators for new and growing community enterprises.
Unlike other community land trusts, we see our main focus as being urban development where we add value to sites by mobilising volunteers and designing imaginative conversions; and keep costs low by reusing buildings and employing low impact building methods. We are also unusual in placing tenants at the heart of our governance structure, so that the land trust is always accountable to its intended beneficiaries.
We have just completed an offer of community shares to people in Somerset and beyond who wish to invest in a time bound share offer to purchase our first property. We have costed alll the necessary building works and high expectancy income, and - in order to give our mortgage lender confidence that we will not be caught out by spiralling build costs - we required approximately £170,000. As of the 27th April we have £145,800 pledged, and we are hoping to close the remaining gap through discussions with specialist lenders.
You can now read the independent due diligence report - it's available as a download at the end of this page. It describes the project as 'an interesting opportunity to help achieve a unique range of beneficial social impacts'; it identified some deficiencies in our rules and accounting systems that could have unnecessarily limited payment of interest, and we were able to amend our rules at the recent AGM to address this.
Meeting the target and buying the property will enable us to pay interest on the shares at the rate of 3% next year and 5% in subsequent years. If we cannot raise the full amount, or if we are unable to confirm any of the contracts on which the business depends, we will not use your money but will promptly return it in full. Somerset residents are still welcome to join with a minimum investment of just £100 (which can be split into four £25 installments); however, larger sums will help us greatly.
Email us now to request a copy of our current offer document - or with any other enquiries: landtrust @ somerset.coop
Please download our leaflet below and feel free to circulate it widely. If you are interested in becoming a tenant, please click on 'tenancies' in the menu.
Somerset Co-operative Community Land Trust is a Co-operative Society registered with the FSA number 30745R; registered office as for SCS, below.
| Attachment | Size |
|---|---|
| Leaflet.pdf | 966.99 KB |
| DD covering letter.pdf | 122.69 KB |
| SCCLT due diligence report.pdf | 90.4 KB |