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Gladstone Mews Debbie Clifton Development Manager and Company Secretary Registered Charity: 1149697 Company No. 8107118.

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Presentation on theme: "Gladstone Mews Debbie Clifton Development Manager and Company Secretary Registered Charity: 1149697 Company No. 8107118."— Presentation transcript:

1 Gladstone Mews Debbie Clifton Development Manager and Company Secretary Registered Charity: Company No

2 What is a Community Land Trust? A non-profit, community organisation developing affordable housing or other assets that may be needed to address local need. Range in size, can be rural or urban, provide a variety of housing tenures, other community facilities, including workspaces, energy generation, community food, farming and even pubs

3 Based on separating the value of buildings from land they stand on and, in the case of shared-ownership homes, fixing the resale percentage. Holds assets in trust for long-term community benefit. The income streams generated from our assets are protected and used to keep assets permanently affordable, for long- term community benefit.

4 What is the Gladstone Mews Scheme? In partnership with Bournemouth Borough Council Two aspects to scheme: 1. Housing:  11 high quality affordable eco homes with gardens  Accessible bungalow for wheelchair user  Targeted at young families, first time buyers  Entirely funded via £1.5 million 0% loan from Dorset LEP 2. Restoration Grade II listed building to a creative industries hub

5 How is Gladstone Mews different? Site owned by Bournemouth Borough Council Construction of homes/refurbish Hub by contractor Creative Hub completion – March, launch in April 2014 Homes completion – June 2014 Transfer to Community Land Trust  Whole site will be owned by Bournemouth 2026 Trust: Creative Hub, land and homes Homes sold to local people under a strict criteria 65% share sold, owners can staircase to maximum 80% of home that buyers can own (- value of land) Selling price can be reduced by value of land (+ affordable) LEP loan repaid from sales revenue

6 Added benefits  Community orchard and allotments for residents of Gladstone Mews to grow their own fruit and vegetables and to add to their sense of community Latest fire safety sprinklers built in Higher quality than standard affordable homes Eco homes, solar PV cells, low utility bills, code 4 Rapid electric vehicle charging point Co-wheels community car club electric car to be on site Lease means can’t be sold on open market or sublet.

7 Site Plan

8 Available properties  8 x 2 bed £117,000 (MV £180,000)  1 x 2 bed £114,000 (MV £175,000)  1 x 2 bed £120,000 (MV £185,000)  1 x 3 bed detached £146,000 (MV £225,000) NB Based on November 2013 valuation, to be revised shortly

9 How does shared ownership work?  Example House Value £180,000 Shared ownership Open market £111,150 (60%) £63,000 £5,850 Buyers 5% deposit £171,000 (95%) £9,000 35% owned By Bmth 2026 Trust Mortgage

10 Example of monthly property payments on £180,000 home  Service charge £20  Rent on 35% share £60  Mortgage on 60% share £650 £730 Overtime buyer can staircase to own 80% NB Based on approximate costs of 2 bed home

11 Criteria to buy home Must have a local connection  Immediately prior to acquisition been continuously resident for 11 months in last 12 months or at least 10 years in last 20 years  Be in employment or accepted an unconditional offer of employment in the wards  Demonstrate a family connection (mother, father, son or daughter) to the ward for a period of 10 years Must be unable to afford a similar property on the open market Be employed on a permanent contract or self employed with 3 years accounts Have minimum of 5% deposit Not own or have interest in a 2 nd property

12 Allocation  Online application form available soon.  The homes are allocated by Bournemouth 2026 Trust according to allocations policy agreed by Bournemouth Council.  A waiting list of applicants for resale homes will be maintained by Bournemouth 2026 Trust

13 Priority order Applications who meet the criteria will be considered in following order: 1. First time buyers 2. Living in overcrowded property 3. Housing association or Council tenants releasing accommodation 4. Housing register applicants

14 Accessible bungalow priority order Applications who meet the criteria will be considered in following order: 1. Wheelchair user currently living in unsuitable accommodation 2. First time buyers 3. Living in overcrowded property 4. Housing association or Council tenants releasing accommodation 5. Housing register applicants

15 What happens after they are sold? Gladstone Mews Management Company being set up to manage the shared space eg allotments, orchard, road, etc and for shared costs eg building insurance, sprinkler maintenance, etc Management Company to include representation by Bournemouth 2026 Trust, Gladstone Mews resident rep and Creative Industries Hub rep Builder responsible for maintenance of shared space for 12 months

16 What next for CLT…  Fernheath Community Sports Pavilion in West Howe  To identify next affordable housing project in Boscombe area  Take ownership of Creative Industries hub in approximately 12 months time

17 Phone: Website: mews Registered Charity: Company No


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