Coin Street Community Builders
Coin Street Community Builders (CSCB) was set up to make the area a better place to live, work and visit by creating a mix of uses across its 13-acre site. The majority of its members live locally and so understand the needs and opportunities of the area.
The company is ‘limited by guarantee’. This means that it can carry out commercial activity but income is used to deliver its 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.
CSCB employs a staff team to develop, manage and maintain the site and oversee its community activities and programmes. Associated charities also support education, arts and community activities. We work 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 we have improved the neighbourhood and established commercial activity so property values have increased. This then allows us to borrow more for future investment.