Gladstone Mews

Debbie CliftonDevelopment Manager and Company Secretary

Registered Charity: 1149697Company No. 8107118

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

• 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.

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

How is Gladstone Mews different?

Site owned by Bournemouth Borough CouncilConstruction of homes/refurbish Hub by contractorCreative Hub completion – March, launch in April 2014Homes completion – June 2014

Transfer to Community Land Trust

Whole site will be owned by Bournemouth 2026 Trust:

Creative Hub, land and homesHomes 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

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.

Site Plan

Available properties 8 x 2 bed houses @ £117,000 (MV £180,000) 1 x 2 bed house @ £114,000 (MV £175,000) 1 x 2 bed bungalow @ £120,000 (MV £185,000) 1 x 3 bed detached house @ £146,000 (MV

£225,000)

NB Based on November 2013 valuation, to be revised shortly

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

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

Criteria to buy homeMust 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 marketBe employed on a permanent contract or self employed with 3 years accountsHave minimum of 5% depositNot own or have interest in a 2nd property

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

Priority orderApplications who meet the criteria will be considered in following order:1. First time buyers2. Living in overcrowded property3. Housing association or Council tenants

releasing accommodation4. Housing register applicants

Accessible bungalowpriority order

Applications who meet the criteria will be considered in following order:1. Wheelchair user currently living in

unsuitable accommodation2. First time buyers3. Living in overcrowded property4. Housing association or Council tenants

releasing accommodation5. Housing register applicants

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, etcManagement Company to include representation by Bournemouth 2026 Trust, Gladstone Mews resident rep and Creative Industries Hub repBuilder responsible for maintenance of shared space for 12 months

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

Phone: 07795557890Website: www.bournemouth2026.org.uk/gladstone-mewsEmail: homes@bournemouth2026.org.uk

Registered Charity: 1149697Company No. 8107118