The Castlemaine Community Investment Co-operative has created history by smashing its $1.95 million target to purchase the town’s Hub building and bring it under community ownership.
The Co-op’s debenture campaign surpassed its target at lunchtime on Thursday.
The campaign officially closed on Sunday with the co-operative announcing it had raised $2 million of investments to buy the historic Hub building on the corner of Barker and Templeton Streets, Castlemaine. The funds will be used for all sale costs and maintenance reserve.
Director Gwen Hanna said they were thrilled to reach their debenture limit three days early.
“Over 300 members subscribed. And we are now more than 500 members strong,” she said.
“What we are particularly thrilled about is that we have raised the money for the building without donations or grants,” said director Jeanette Pope.
“It is genuinely a people-powered investment, and the Hub will be genuinely community owned.”
The Co-op will be the first to buy a local building this way.
“To buy a profitable building with investments – using rents to pay the investors interest and returning their principle at term – is unique. We hope we can provide a model for other communities to keep their real estate assets community owned and used for community benefit,” director Cath Jolly said.
The Co-op directors said they were proud of the community and thanked everyone for their involvement, advice, encouragement and support.
“You can’t do something like this without a lot of people putting their shoulder to the wheel,” said director Angus Gratton.
“We couldn’t have done it without you all.”
While it’s too late to invest in this building, everyone is still welcome to join the Co-op.
“Our members all have an equal say in our future (one member, one vote),” said director Warwick Smith.
“The sale won’t go through for 60 days or so, and we will keep operating the Hub the way it is, but we will also start looking to the future. We have also partnered with the Hub Foundation and will be looking at what community benefits we can create through that. Come join us!”
Visit www.castlemaine.coop for more information on how you can become a member.
