Coin Street Community Builders
Coin Street Community Builders (CSCB) was set up to make our North Southwark and Waterloo neighbourhood a better place to live, work and play. We’re creating a mix-use neighbourhood on our 13-acre site making it a vibrant and welcoming part of London. The majority of our 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 with local businesses and arts organisations including, 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.