Through buying and renovating empty properties in deprived neighbourhoods of Hull, Giroscope provides homes for those in need at affordable rent.
The charity supports volunteers, many of whom are at risk of social exclusion, through a comprehensive training and employment programme. SASC has supported Giroscope with two investments alongside a grant from Power to Change.
Giroscope was set up in 1985 by a group of volunteers in response to the housing crisis in deprived neighbourhoods of Hull. Many areas suffered following the collapse of the trawling industry and the area was left with low levels of owner occupation and an excess of poorly maintained private rented housing. Giroscope buys and renovates empty property to provide homes for those in need – the charity also engages and trains a large cohort of volunteers, many of whom are at risk of social exclusion.
SASC has two investments totalling £1m to Giroscope to facilitate their continued growth. The first investment in December 2015 enabled the charity to immediately purchase three properties, one of which was renovated into a community hub providing support services, training and enterprise as well as space to be rented by other community businesses. The second investment was made in December 2017 to help Giroscope purchase and renovate three further properties as well as develop an exciting self-build project. The second loan was made alongside a grant from Power to Change.
The investments help to grow Giroscope’s portfolio and support a greater number of people in need through housing provision as well as through education and training in their volunteering programme. Giroscope will also expand its social impact through new self-build projects of 4-6 houses to be developed on a piece of land to the rear of its newly acquired property on Coltman Street.