Max Comfort offers a wonderfully detailed (and at times very sobering) account of the development of Springhill Cohousing in Stroud...

1. How we got started

In 2000, David Michael successfully negotiated to buy 2 acres of land close to the centre of Stroud and on a steep, south-facing slope. He put down £150,000 returnable deposit from his own funds and began to spread the word about the project. By the Autumn of 2000 he had attracted some ten households, all of whom purchased 5,000 £1 shares in the Company intending to buy the land and chose which house type they were going to purchase. The choice was 5, 4 or 3 bed houses, and 1 and 2 bed flats. At the last minute the vendors asked us to go to sealed bids and we ended up paying £550,000 for the site. We exchanged contracts but David negotiated a long period to completion, which gave us time to gather the funds for the site purchase.