A packed house attended the official launch celebration of the Castlemaine Community Investment Co-operative debenture offer at Shedshaker Brewing on Sunday evening.
The atmosphere was filled with possibility as the Co-op’s inspiring vision to raise the capital to purchase The Hub, a beloved landmark property in the heart of Castlemaine, was laid out by multiple speakers before the campaign was officially launched.
The debenture offer went live yesterday and runs until Sunday June 29, 2025 giving the Co-op 28 days to raise the $1.95 million capital to purchase building, which houses 17 community groups and small businesses with a focus on community and sustainability and bring it under community ownership.
The progress will be updated on a giant thermometer outside the The Hub building at the cnr Barker and Templeton Streets.
The Co-op thanked all the community organisations that had thrown their support behind the campaign so far, in particularly the Community Bank Maldon and District, which had assisted the Co-op with due diligence ahead of the purchase.
They also thanked The Hub owners Neil and Heather Barrett for their original vision of building being a home for local action on climate change and their support of the Co-op and their plan to keep the building community focused.
Community Bank Maldon and District director Helen Curran said the bank itself had been a pioneer 25 years ago and they wished the Co-op every success in their own bold community venture.
Other speakers included mayor Rosie Annear who spoke as ‘just Rosie’ on the night sharing her warm memories of the building in the days when it housed the Bonkers on Barker cafe, The Good Table, the Back Bar, The Balcony where she celebrated her 28th birthday, and Nigel’s coffee window where she sought early morning coffee and conversation as a new mum.
Rosie said while she was often a risk taker in her youth, the Co-op debenture offer presented a well researched, compelling and sensible investment option open to everyone in the community – big investors and small.
“These key buildings should be community owned and community facing! Our buildings need community to make them work to serve the community,” Rosie said.
Castlemaine Fringe Festival director Azzy Jay also expressed her support and spoke on the power of community to take ownership and do things their way, and the enticing opportunity to have a little stake in local real estate and something bigger.
Finally, local musician Peter Bodin shared a song written in support of the Co-op’s bid to retain the building in community ownership.
The Co-operative is seeking investors to buy the Hub through fixed term loans called debentures. Investors will be able to support a vital community asset while earning a good annual return. As terms expire the Co-op will pay off the debentures with saved rental income.
The Co-op project the building will be wholly community-owned within 20 years.
The debentures offer up to 4 per cent annual return over a 5, 10 or 15-year term, making them an attractive option for socially conscious investors.
Interested investors are invited to tour The Hub building on Mondays from 4.30pm during the month of June, meet some of the Co-op board and have any questions answered.
For more details, visit the Co-op website www.castlemaine.coop
