A Highland community is finalising the finances it needs to build a new local school, in order to lease it back to the council.
What is being billed as Scotland’s first community-owned school building is planned for Strontian. The community at the head of Loch Sunart at the junction of the Ardnamurchan and Morvern peninsulas, looks set to realise its dream as its share offer draws to a close at the end of the month.
Strontian Community School Building Ltd (SCSB), a Community Benefit Society, was set up in early 2016 to take forward the plans for a new primary school.
To finance the school build, SCSB launched a community share offer. Investors can expect a return of 3 per cent alongside "the knowledge that they are part of a unique project which could form a model for delivery of other public infrastructure in Scotland in the future."
The estimated cost of £850,000 is challenging, but two years ago, another local group, Sunart Community Renewables, built a community hydro scheme in the village costing a similar amount.
With only a few days left current community shares total £88,400 and SCSB directors are confident of reaching the minimum target in time – but want to surpass it.
With some grant funding from the Scottish Land Fund and the local Common Good Fund (which disburses profits from the community hydro scheme), SCSB requires to raise a minimum of £100,000 from its community shares to secure loan finance from ethical funder Triodos Bank – but selling more would help reduce the size of the loan.
Jamie McIntyre, SCSB Treasurer, said: “We are conscious that other community share offers across Scotland have raised significant amounts in their final week, and we hope to do the same. This would strengthen the project by reducing the size of our bank borrowings.”
Chairman of Highland Council's Education, Children and Adult Services CommitteeDrew Millar said: “The Council is delighted with the progress being made by Strontian Community School Building Ltd in its community share fundraising for the new build to accommodate Strontian Primary School. The Council will continue to work with the community to support this exciting project.”
Under the community's plans, the proposed new school building could be converted into affordable housing if the Highland Council no longer needs it for a school after 10 years.
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