Castlemaine Community Investment Co-operative’s plans to purchase The Hub building are progressing.
The co-operative held an event at the Northern Arts Hotel on December 6 to update the community on their efforts.
Co-organiser Angus Gratton said about a dozen co-operative enthusiasts heard that a local real estate investment co-op could prevent investors extracting profit from the town.
“Together we can put important real estate assets such as The Hub building into the hands of the community permanently, preserving the local services and businesses we value, while giving local investors a modest annual return,” Angus said.
“This will keep wealth in our communities, instead of sending it off to the Cayman Islands!”
The co-operative submitted its proposed rules to Consumer Affairs Victoria for approval last month.
Organisers anticipate that a Formation Meeting will be held in early February to complete the creation the new local co-op.
“Once formed, the co-operative plans to proceed towards its immediate goal of purchasing The Hub Castlemaine in order to manage and safeguard it on behalf of the community, and retain the tenants who call the building home, many of whom have a sustainability, community health or wellbeing focus and the community garden,” Angus said.
To find out more about the new co-operative visit www.castlemaine.coop