Commonweal agrees to invest over £1M in a joint venture with St Mungo's
Discussions with St. Mungo’s revealed how important this work is and led to us exploring how it would be possible for a partnership with Commonweal to provide essential housing needed to widen the scope and effectiveness of St. Mungo’s projects.
It became clear that St. Mungo’s needed a final link to their projects to prevent “silting up” of their shared living units and also to give St. Mungo’s clients chance to adapt gently and with support, into independent living.
Throughout 2008, Commonweal and St. Mungo’s have worked together to produce a solution to providing this final link in the form of small flats where clients can take the final step before living totally independently. The complete business plan for the project is now finished and St. Mungo’s are in the process of raising the operational finance to run the project for at least seven years. To provide the accommodation, Commonweal plans to invest over £1m in small one-bedroom flats in a Central London Borough. It is hoped that the project, to be named “The Chrysalis Project”, will start welcoming clients into the accommodation in the second-half of 2009.