Rising Sun Housing Co-operative was formed by a group of artists who need investment to finalise the purchase of the former pub they live and work in from the landlord who recently put it on the market.
The building is used as both a home and workspace. It contains facilities such as a recording studio, rehearsal space, intimate venue and design studio which members of the community are allowed to use free of charge. On top of this, it provides crucial and increasingly rare affordable housing and a space for young creatives to build networks and meet other like-minded people. In short, The Rising Sun is a hub for all manner of creative outputs and a staple part of the local art and music culture.
We have helped to commission financial modelling and business planning, which has helped the co-op secure mortgages in principle, and prepare their loan stock offer. We have been directly involved in negotiating with the landowner and agents during to get their offer accepted, and bringing solicitors on board, and there has also been a little architectural input on internal reconfigurations to make better use of the space, and improve the building’s environmental performance.
They are now looking for investors to raise £230,000 with attractive rates of interest, or they will lose the space for good.