The Glendale Gateway Trust has purchased the former Barclays Bank building on Wooler High Street to retaining the building for the community, and to avoid land banking by an investor. The building is a grade II listed building of 1863 and the Trust plans to convert the two upper floors to affordable housing.
According to the Trust, the ground floor “is to be decided but will be in the interests of residents and local businesses and ultimately add value to the High Street offer”.
Purchase and development costs are around £320,000 and the Trust has already successfully raised £150,000 towards this sum.
Andy Dean from Communites CAN praised the scheme: “This is a great example of Community-led Housing in action. This latest project from Glendale Gateway Trust will renovate a town centre asset, provide affordable accommodation for local people and put a key building in local ownership and management. At Communities CAN, we are here to help anyone else who would like to get involved in local projects to deliver locally managed affordable homes. If you are interested just get in touch.”
Residents, members and supporters are invited to invest in Glendale Community Bonds, each worth £1,000, with the promise to pay back bondholders at any time after three years from the date of issue.
Following the success of a previous Community Bond Scheme, launched in 2014, the Trust raised £128,000 towards the creation of nine new affordable homes.
For more information contact Tom Johnston at Glendale Gateway Trust on firstname.lastname@example.org