There are 11 Council-owned Coastguard Flats on North Rd, in West Looe. They are very small one-bed or two-bed flats, in an old Grade II heritage building. Many of the flats have been empty for some time. The basic structure is sound but the internal condition is poor.

We have agreement from the Council to buy the flats for £1, so we can invest heavily and refurbish them to a high standard. We will let them to local people on secure long-term tenancies, at low rentals.

Most of our team worked on a similar project in Cawsand village, just up the coast. We bought 3 old Coastguard houses there and refurbished them – all now let to local families.

Why invest in the Coastguard Flats?

The knowledge that you have saved these homes for local people. We can’t do this without the support of individuals – every £100 counts, because we need to show the number of people who support us as well as the total amount invested.

Genuine ownership. Investors are the members, who own and control the organisation. You get one vote regardless of the size of your investment be that £100 or £10,000.

A financial return. Once the Coastguard Flats are ready for tenants and making a surplus, we hope to pay annual interest of 3%, subject to trading performance, and allow members to take back their capital and the interest paid. We aim to be able to undertake both interest and withdrawal once we’re fully trading and all phases of development are complete, which we hope to be in 3 years after investment.

A permanent benefit for Looe. Once the Coastguard Flats are rebuilt and fully operational, they will be self-sustaining indefinitely from earned rental income. They will become a beacon for community ownership and a valuable asset for the area.
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Share offer opens 23rd March 2024

Share offer closes 3rd May 2024

Minimum target: £250,000   Maximum: £500,000

Investment limits: Minimum £100, maximum £25,000

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