Buy the high street

Wed 22 Jul, 12:11

Spotted on the Oxford Clarion this morning:

The townspeople of Watlington are banding together to buy shops on their High Street, so they can “let them at fair rents to tenants who benefit the town” and keep them out of the hands of “landlords who want to maximise their yield”. They are raising £600,000 and have targeted three properties.

Watlington Community Property has been set up as a Community Benefit Society to buy the properties, and keep them in community ownership through an asset lock. They plan to launch a share offer, acquire the first property, then use rental income to fund further acquisitions.

Their aim is “a High Street that owns itself… where the buildings are owned by the people who live and work here, managed for viability rather than maximum return”. Founders include a former CEO of the Building Societies Association and local business owners.

Website at watlingtoncpt.org.uk. What a brilliant idea – if only we could do the same for Charlbury.