At the time of going to press on Monday, the Castlemaine Community Investment Co-operative had raised $818,500 or 42 per cent of the funds for the purchase of the Hub, a beloved landmark property in the heart of Castlemaine.
The investments have been raised from 103 of its 315 members.
The offer closes June 29, 2025.
Co-op director Angus Gratton said all sorts of people were stepping forward.
“We have been particularly moved by the number of people who have invested in debentures for each of their children or grandchildren to gift them something that keeps them connected and belonging to this area, a place they can always activate with the things they want/need,” Angus said.
“It makes us think of the Barossa Co-op that bought a general store back in 1944,” said fellow director Jeanette Pope.
“They have since bought eight other retail buildings and collect rents from the large commercial companies who occupy them. Profits are given out as community grants and used to discount prices in their supermarket. The two big supermarkets have not been able to compete. All because people like us decided to start something 80 years ago,” she said.
Castlemaine Community Investment Co-op member investor Bergen O’Brien had an office in the Hub when it first opened in 2012.
“I grew up in a town in central NSW where the community co-purchased an 1890s opera house in the 1970s. It’s still owned by the community today and still brings people together. If it had been sold off as a commercial asset, it could have become anything — and probably wouldn’t be a theatre or gathering place anymore. The Hub feels the same. Keeping it in community hands matters,” Bergen said.
“When I think about money I’ve had sitting in banks over the last 10 years, it’s probably earned four per cent interest. But with the Hub, you get so much more back — knowing it will stay a place that serves and enriches the community.”
In the short term, the Co-op will leave the building running as is and the current owner will re-let the cafe window in the coming weeks.
“But the community garden offers possibilities to create more community value in the short term,” said director Cath Jolly.
“Members have had ideas like creating a social enterprise to provide NDIS training and work, and/or putting in a seed bank for the region, where we can share seed collection resources and store seeds for revegetation projects. There are exciting possibilities,” she said.
The Co-op only has until June 29 to raise the final amount through debentures (fixed term loans from members) that offer up to four per cent annual return over a five, 10 or 15-year term. Interested individuals or organisations can learn more and purchase debentures by visiting the Co-op website www.castlemaine.coop
If it fails to find investors by that date it will not be able to buy.
“If you have been thinking of investing, the time is now. Let’s start something. Let’s make history,” Angus said.
