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AEOB has raised almost £300K from a community share offer, alongside a £425K mortgage from Tridos UK, (a self styled ethical bank). The share offer is still open to further investors.
The plan is to refurbish the redundant IT factory into six residential flats to home 10 people, as well as creating workshop spaces and a landscaped communal garden.
AEOB will retain ownership of the building, but a tenants’ cooperative take responsibility for management.
The project is set to take 12-15 months to complete.
Charles Gamble, Secretary of AEOB comments -
“This is both a pragmatic and radical response to the current housing crisis”.
“Triodos' finance was the final piece of the jigsaw for this project – which we hope will act as a template for other developments. But we are still looking to raise funds, both to clear the current mortgage on our St George development and to undertake other projects.”
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Charles Gamble, Secretary of AEOB comments -
“This is both a pragmatic and radical response to the current housing crisis”.
“Triodos' finance was the final piece of the jigsaw for this project – which we hope will act as a template for other developments. But we are still looking to raise funds, both to clear the current mortgage on our St George development and to undertake other projects.”
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