Coin Street Community Builders
Coin Street Community Builders was set up to make the area a better one in which to live, to work, and to visit. All members of the company are required to live locally and so understand the needs and opportunities of the area.
The company is ‘limited by guarantee’ which means that it can carry out commercial activity but profits must be ploughed back into public service objectives rather than distributed to shareholders. Members have also set up a registered housing association, Coin Street Secondary Housing Co-operative and, for each residential development, a tenant-owned ‘primary’ co-op.
Coin Street Community Builders employs a staff team to develop, manage and maintain the site and oversee its community and enterprise support programmes. Associated charities also support education, arts and community activities. Coin Street Community Builders works closely with neighbouring businesses and arts organisations through another ‘not-for-profit’ company, South Bank Employers’ Group, and with other stakeholders through the South Bank Partnership
The freehold of the 13 acre (5.5 hectare) site was purchased for £1 million in 1984 using standard mortgages and a business plan showing loans being serviced from temporary uses of the land. The purchase price reflected restrictive covenants and the fact that much of the area had been derelict for over 30 years. As the company has improved the neighbourhood and established commercial activity so property values have increased. This then allows the company to borrow more for future investment.