A property company in Bristol is crowdfunding to develop 10 two-bedroom apartments in Speedwell on an under-used piece of land.
Beaumont Homes is hoping to raise £400,000 from investors to build the development next to the Argyle Morley United Reformed Church on Whitefield Road.
All the flats will be available under the help to buy scheme and prices will start from £225,000.
The company has already gained planning permission from Bristol City Council to build on the land and has so far raised £29,000 from six investors for the development.
Beaumont Homes says it is forecasting a return of 37 per cent for investors over 18 months.
Managing director Edward Morgan said: “The struggle to finance projects is one of the key reasons SME developers in the region have dwindled significantly over the last 25 years.
“We are one of the pioneers in the region harnessing the power of the crowd to help fund our developments. We are sharing the reward and the responsibility to develop this land.”
Find properties near you, powered by In Your Area:Investors are able to put in anything from £500 to £400,000, which is the total sum Beaumont Homes is hoping to raise.
Mr Morgan says the building has been designed to “take advantage” of the common ground in front and to the rear of the apartments.
Beaumont Homes is working with Wotton Donoghue Architects on the project.
