Group strikes deal to buy town centre land in Cardigan
- 31 August 2010
- From the section Mid Wales
A group behind plans to rejuvenate part of a town centre is celebrating after striking a deal to buy a piece of land.
The Society to Sustain and Support the Rural Countryside has raised money to buy the Pwllhai site in Cardigan, Ceredigion, by selling shares.
It wants to build a car park for 100 vehicles, and hopes to develop a community shop to promote local goods.
The group said it would exchange contracts for the site next month.
A campaign was launched in June to buy the old farmers' co-op and surrounding buildings.
So far, 300 people have bought shares at £200 each. The share offer has also been boosted by a bank loan.
The society, a not-for-profit consortium, has the backing of the town's chamber of commerce and Ceredigion AM Elin Jones.
Other backers said the project would breathe new life into the town centre.
Society chair Shan Williams said: "This has been a fantastic achievement with local people taking control of local issues.
"Many people have bought shares for their children to invest in the their future and the town's."
Treasurer Cris Tomos said shareholders could receive a 5% dividend from the project.
The share offer will remain open until contracts are exchanged at the end of September.