Fundraising campaign launched to deliver transformation of former bank building
The organisation behind the transformation of the former HSBC building in Wellington, Telford into a new arthouse, cinema and café bar is looking to raise up to £100,000 to make the vision a reality.
Directors behind the Wellington Orbit are planning to use a second Social Investment Tax Relief (SITR) campaign to secure the final funds needed to turn the ground floor into a cinema and café bar, as part of a phased redevelopment that will ultimately use all three floors.
It has already raised more than £300,000 after receiving financial backing from both the local community and councils.
“The building work on Wellington Orbit is well underway and we are just a few final steps away from creating a vibrant community hub that will offer local people access to exhibition space, a café/bar, an artisan cinema and, longer-term, an art gallery and dedicated spaces for training, recreation and meetings for local groups,” said Ray Hughes, director at the Clifton Community Arts Centre, the organisation running Wellington Orbit.
“The directors chose to go for a second Social Investment Tax Relief campaign as it proved so successful the first time, raising just under £64,000. SITR is a relatively new tax relief aimed at attracting new investment to social enterprises and charities.”
Wellington Orbit has taken a five-year lease on the empty HSBC building in the town and are currently converting 6500 sq ft of space over three floors.
On the ground floor is an artisan café/bar, along with a 63-seat cinema.
As part of the second phase of development, the upper floors will be multi-purpose and would be used for an art gallery, training, meeting rooms or hosting community groups and exhibitions.
Melanie Mills, social sector engagement at Big Society Capital, said: “SITR is an undiscovered opportunity for community groups and social enterprises that has the effect of allowing people – through the tax incentive – to earmark part of their tax contribution to community projects of their choice. The aim of our campaign is to get people talking about it and then starting to use it as the most cost-effective way of raising finance.
“Wellington Orbit has already enjoyed one successful raise using this form of finance and are looking to finalise its ambitious plans with another. Bringing an old building back to life as part of a bigger town centre regeneration plan is very important and the fact it already has 800 members and an ever-increasing number of volunteers before officially opening – shows the appetite for it to be a success.”
Big Society Capital, which improves the lives of people in the UK by connecting social investment to charities and social enterprises, has launched the GET SITR campaign to help raise awareness of what SITR is and how it can be accessed.
