Phase 1 is ready to start: It includes the renovation of the historic Brunel building and the building of the Energy Centre. The majority of the cost of the renovation of the Brunel building is already funded by the National Lottery Heritage Fund through their £2.58 million grant. The Energy Centre would be the provider of energy for the whole scheme, and is designed so that it also includes office space that can be let.
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As a provider of genuinely affordable housing, and as a community-owned organisation with a strong social purpose, we will be able to draw down finance that a private developer would be unable to access. The 58-bed hotel would start generating income as soon as it opens and the income from the operation of the hotel, rental incomes from the residential housing and the live/work units would pay back these loans over a 25 year period.
As with the other phases, the rental incomes from all of these different elements generate sufficient revenues to pay back on loan agreements. See what happened at Coin Street in London.
25 years all of its investment has been repaid, Atmos will then be generating a substantial revenue every year from its onsite activities and from rental income - what is known in the not-for-private-profit world as ‘the surplus’ - all of which will then be reinvested into the town of Totnes. This could be as much as £2-3 million a year.
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Yes. TCDS is a development company that has undertaken extensive pre feasibility works to ensure the scheme the town needs is possible and viable. The community led model for what constitutes viability is clearly different to that of the conventional commercial development that people are most familiar with. It has been proven to work in other parts of the country, such as in the Coin Street Community Builders development in London.