Co-operative Living Freehold Society Purchases First Property

Nearly forgotten Victorian home saved by co-op

A neglected Victorian home in Manchester has been bought by the Co-operative Living Freehold Society, with plans for a much-needed boost of environmental refurbishment. This is thanks to a loan from Co-operative & Community Finance who brokered a deal with other lenders.

The property is a semi-detached three-storey house in the Withington suburb of Manchester. It was discovered in a semi-derelict condition after several years of neglect from its former owner, requiring much needed maintenance work. The co-op plans to refurbish the property to a high level of environmental sustainability, making it attractive for housing co-ops to lease.

A potential housing co-operative tenant has already emerged, forming specifically with the intention of leasing the property from the freehold. Cordata Housing will have control over day-to-day matters, such as the distribution of rents, contribution to reserves and short-term regular maintenance activities.

Ian Rothwell, investment manager at Co-operative & Community Finance said “We feel very confident with the idea of The Co-operative Living Freehold Society having control over several properties. It means that housing co-operatives will get a retro fit eco property ready to move into, a secure and habitable home for their future.”

“Having multiple freehold titles within the same legal entity enables borrowing to be arranged more efficiently and on more competitive terms. We look forward to seeing the improvements they will make to the house, and look forward to hopefully growing their property portfolio.”