The Rising Sun Housing Co-operative was formed by a group of creatives living in a former pub, when their landlord put it on the market. They are seeking investment to finalise the purchase and secure their homes.
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.
The residents formed the co-operative to buy the pub from the landlord who recently put it on the market. This will allow them to provide additional affordable housing and studio space for their members. Having already improved their EPC rating from an F to a D, the co-operative is also looking to take further measures to improve the energy efficiency of the building, including loft insulation, new draught proofing, more double glazing and solar panels.
The Rising Sun have raised almost three-quarters of the equity they need to secure the space, but are still looking for investors to raise the rest as loan stock with attractive rates of interest.
How we’re helping
We supported their incorporation and 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 to get their offer accepted, and bringing solicitors on board and are on hand to see the deal through.