Around 30 residents and local councillors gathered at the Broadway Centre, Sandown, on Monday, to explore how setting up of Community Benefit Societies (CBS), could help Sandown fund future projects to improve the town.

Mayor, Alex Lightfoot, explained why this process is being looked into, saying: “We’re fed up with certain individuals buying up land and not doing anything with it. A CBS is a possible way for something to be done.”

A CBS is a non-profit group, designed to raise finance for a project based on one-member-one-vote decisions, and Sandown Town Council would support residents and others who agreed to become shareholders in any community ventures.

Alex said: “We have a ‘Derelict Buildings Taskforce’ on the council and we are looking at ways of dealing with these specific properties.

“We were first aware of a CBS through the Nudge Community Builders, in Plymouth, which has invested in an old theatre and music hall lying empty for 15 years.

“This is something which would be run by the community, and not the council, with anyone investing becoming a shareholder and a board would be elected.

“Some of the buildings we have locally have so much potential, but, nevertheless, we are being held to ransom by the developers buying up properties. They are not doing anything with them and yet they have owned them for up to 15 years.”

The meeting heard about other successful CBS initiatives in different parts of the UK, including: a seaweed and shellfish farming community of 500 on the West Wales coast, and, closer to home, Wight Community Energy who own a solar farm where money from selling electricity is shared by the society’s members.

Many at the meeting signed up to express interest in being involved, and Sandown Town Council intends to provide a contact point for further information on its website.