Frequently asked questions

About Minerva

• What is Minerva Smart Places?
  A social enterprise committed to the delivery of new build communities of rented family homes of quality, so far as possible, all at Living Rents but without state subsidy.
• How is Minerva different?
  The model is utopian in character. It aims to give all stakeholders what they want but not to the detriment of any other party. The occupier’s wishes are equally as important as those of the funders. It is similar in concept to the garden village developed by Cadbury at Bournville but re-imagined for the 20th Century.
• What is a Living Rent?
  One that is no more than 33% of gross household income.

Our Homes

• Who are Minerva homes for?
  Ordinary people who want or need to live and work locally but whose income levels mean that is unattainable in their locality.
• How are rents set?
  By reference to low average incomes in the place.
• What makes a Minerva home different?
  Homes are:
  • set in consciously green spacious public realm;
  • developed at low density compared with a mass housebuilder;
  • designed to be aesthetically pleasing but also to achieve high standards of eco-friendly construction;
  • powered by free to use (subject to a nominal charge) green energy;
  • let on long term secure tenancies;
  • let at rents which only increase by inflation (which is capped).

How the Model Works

• How does the Minerva model work?
  The developments are forward funded by patient institutional capital with an investment cycle of many decades
• Why does it use private investment?
  There is currently no state capital that offers patience of this type.
• How is tenants’ long term occupancy protected?
  The tenant benefits from security of tenure and cannot be evicted without fault (irrespective of any legislation).

Working with Minerva

• Who do you work with?
  Entities with a shared ethos looking to deliver socio-economic benefits through their business but also ‘best in class’ within their business sector or professional discipline.
• Where is Minerva looking to develop?
  UK wide wherever there is clear need and opportunity to develop settled communities of scale benefiting from the Minerva model characteristics.