Time is nearly out for the Castlemaine Community Investment Co-operative to buy the Hub. At the time of writing the Co-op has raised nearly $1.6 million of investments from over 200 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 1st 2024. “There were about 20 of us in this office going through the official business. Ron Snep cracked open some sparkling and then we spent the next year doing what we needed to do to buy the Hub”, said Board member Angus Gratton.
“We worked out a mechanism (landing on debentures) and got it checked by lawyers and approved and registered with government. We 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.
“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 really hope we can take it out of the speculative real estate market and make it community owned for good. We want to make sure our assets support the things we value”, he said.
“It’s been a MASSIVE learning curve”, said member Director Jeanette Pope. “But a lot of people helped. And now look what we have achieved together. We now have over 300 members and are on the cusp of making history. Over 350 people might own the Hub! It’s absolutely amazing”, she said.
Become a member and invest by June 29.
