Time is nearly out for the Castlemaine Community Investment Co-operative to buy the Hub.
At the time of printing, the Co-op had raised more than $1,184,000 (61 per cent) of investments needed from 150 members. Anyone still considering investment needs to act now to be part of making history in Castlemaine.
The Co-op officially formed back on February 1, 2024.
Board member Angus Gratton said there were about 20 members in the office going through the official business at that first gathering.
“Ron Snep cracked open some sparkling and then we spent the next year doing what we needed to do to buy the Hub,” Angus said.
“We worked out a mechanism (landing on debentures), got it checked by lawyers, registered with government and did the due diligence checks on the building, valuations and business modelling. And we built our membership and raised money to pay for it all,” said board member Cath Jolly.
“And after a year we had it all done!
“We are pretty proud that, apart from an early grant from the Maldon and District Community Bank, we have done everything with the help of our members,” she said.
“(Current owners) The Barretts have been supportive from the get go,” said board member Warwick Smith. “When we were ready we offered a fair price for the building and they agreed. It’s in good nick for its age, and we have a lot to lose if that Hub of community life goes to a developer,” he said.
“It’s been a massive learning curve, but a lot of people helped,” said member director Jeanette Pope.
“Look what we have achieved together. We now have over 360 members and are on the cusp of making history. Over 360 people might own our memories, our history, our future, our Hub! It’s absolutely amazing,” she said.
Become a member and invest by June 29 at www.castlemaine.coop
