A housebuilder has partnered with the Central Bedfordshire Council to launch an innovative charitable trust at one of its developments to invest in the local community.
In addition to its legal obligations, Redrow Homes South Midlands will, through the Trust, invest a further £5m into community projects such as bespoke bus services, woodland and landscaping, and youthwork at its Caddington Woods development, situated in Chaul End.
The housebuilder has partnered with the Central Bedfordshire Council, General Motors, and the local community to launch the CaSE Community Trust.
The registered charity operates via an innovative scheme which harnesses the rental values of some of the affordable homes at Caddington Woods to give back to the community. Forty-six of the affordable homes have, or will be, permanently endowed by Redrow Homes South Midlands to the Trust, and the properties will then be rented at Intermediate Rents (i.e. 80% of market rent) to those who meet the relevant criteria.
The key difference with this scheme, however, is that the revenue derived from this will be invested back into the community through CaSE – for instance, for upkeep of public open space on the site, a bus with free and discounted services taking people from the development to the local village or school, and other community projects.
Redrow will also be constructing a state-of-the-art community centre, which will be handed to the Trust to run, with the intention that this building will be at the heart of a flourishing community.
At present, the trustees include Councillor Kevin Collins, ward councillor for Caddington on Central Bedfordshire Council, and Steven Baird, parish councillor for Slip End, Edward Irving, for Redrow Homes South Midlands – and others are currently being appointed.
Tonia Tyler, sales director at Redrow Homes South Midlands said: “From the very start, the principle of ensuring a lasting legacy for the community who live and work alongside this development was key for us when building in the area.
“The CaSE Community Trust will deliver some specific objectives for the area. Instead of a one-off contribution by a developer through the standard Section 106 mechanism, the CaSE community trust will support projects like the bus service in perpetuity, in turn helping to assist local authorities in their objectives, delivering vital local services, and building thriving communities.
“We’re excited to see our vision come to fruition, and discussions have already taken place with Central Bedfordshire Council to look at the opportunity to expand schemes like this one across the county and beyond.”
In a 20 year period, the income derived from the 46 properties will allow the Trust to deliver the below:
- £2.6m investment into bespoke bus services
- £1m investment into the woodland & landscaping
- £1.25m into on-site community development and youthwork
- £400,000 into grants to the local community/parish
- Full operation of a community centre
- Leaving a sinking fund after 20 years of £1m for continuously upgrading and improving the CASE community trust properties, community centre, play area and public open space.
Caddington Woods features homes from the Heritage Collection, building on the development’s existing rural feel and providing a sense of longevity to this important local site. The award-winning Heritage Collection continues to create interest with buyers who are looking for traditional, 1930s charm combined with a contemporary and high-spec interior.
For more information about Caddington Woods, please visit: www.redrow.co.uk/developments/caddington-woods-chaul-end or call 0158 278 8194.