The shares have been put up for sale to the public with the aim of raising up to Â£ 520,000 and handing over the old Plymouth Millennium Nightclub and Cinema building as a concert hall and business center.
Nudge Community Builders, the social enterprise that bought the sprawling Union Street building in 2020, has launched a community sharing offer with a minimum target of Â£ 285,000.
The maximum that can be raised, with shares starting at Â£ 50 each, is Â£ 520,000, but ideally Nudge would settle for Â£ 500,000.
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However, the appeal, on the Crowdfunder website, is due to reach Â£ 285,000 by December 6, 2021 to continue.
Up to Â£ 70,000 can be pledged by each individual investor and the shares promise a 3.6% return.
A minimum investment of Â£ 50 per person is required and within hours of the offer being posted online she had received Â£ 4,750 from just six investors. The Crowdfunder page can be found here.
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Nudge is working with partners at London-based workspace developer Eat Work Art, which has previously refurbished run-down buildings in London and Plymouth, to get the massive stack back up and running.
Nudge bosses said the first businesses could be operating out of the building by mid-2022 as work continues to create a concert hall in the main auditorium. The overall project could cost up to Â£ 4million.
Nudge said that by raising Â£ 500,000 for community investment, it would allow repayment of the money borrowed to buy the building and also allow the ground floor of the gigantic pile to be used by 2022.
It provides for development in stages;
Phase 1: The main ground floor space will be repaired and services will be provided to allow independent businesses to focus on appropriate business uses that complement the building’s broader ambitions and create local jobs.
Phase 2: The front part of the ground floor will be devoted to public uses, such as independent manufacturers or a public art gallery and will serve the larger building with toilets, etc.
Nudge said the auxiliary space on the first floor is ideally suited for daytime use as a cafe, serving the public and tenants renting work spaces below; while in the evening it would become a bar serving the main auditorium.
The existing auditorium will be sympathetically repaired and renovated, ensuring that the layers of history reflected in the fabric of the building are retained. This is capable of providing a concert hall with a capacity of 1500 “something sorely lacking in Plymouth”.
Phase 3: The top floor is connected to the cafÃ© area by the southeast staircase and could therefore be part of the same use, it could also offer an opportunity for an emblematic place.
Nudge said he needed the investment because he was supported in his purchase of the building by the Rank charitable foundation, which has a long association with the building since its movie days, and Power to Change, the organization that supports hundreds of community businesses across the country. .
âThis allowed us to secure the building quickly after many years of negotiations and failed attempts to secure it,â Nudge said. âWe are now offering a community sharing offer to repay the short-term financial support we received from the Rank Foundation to purchase the building and give us a working budget to move forward quickly. “
It’s the same approach Nudge took to buy the old Union Street pub. â.
He said: âThis is a major project and a collective approach is the key to its success. We know that many of you were really frustrated that this building was empty, we know that there is a need of the city for the uses that we propose.
“We want you to do more than part of the audience and feel a part of bringing the building back to life, this is going to cost a lot of money and we would rather pay a return to investors who care about how we approach. things and what we do.
Nudge said people should “please only invest what you can afford” and added, “We want this to be a good investment – not only are you part of the journey, you can also get up to 3.6% on your investment. “
He described community shares as “a great way to support things in your community” and said, “You invest your money in a social enterprise that uses your money wisely, and you get a return on your investment as well as a social return to the local community.
âCommunity shares is a friendly name for withdrawable and non-transferable share capital, which is unique to cooperative and community societies. “
A recent report released by Co-ops UK found that since 2012, Â£ 155million has been raised by 104,203 people to support more than 440 businesses, and 92% of businesses that have raised funds with community actions are still in activity.
Nudge is a Community Benefit Society established in 2017 and run by residents living in Stonehouse, with a mission to transform famous Union Street into âa street the whole world lovesâ.
He said he had already made a “real visible difference in the streets, running The Clipper, for which he raised Â£ 206,000 from more than 150 investors, The Plot, Union Corner and the pop street business. -up.
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