The Castlemaine Community Investment Co-operative has bought the historic Hub building on the corner of Barker and Templeton Streets, Castlemaine. The Co-operative is a group of residents working together to purchase and manage local properties, taking them out of the speculative real estate market to make them community owned for good.
“For the past two years we have dreamed of buying the Hub, and on Tuesday we did it!”, Director Angus Gratton said. “330 of our 550 members invested. We will pay them back with up to 4% interest per annum over time. After that our community will own a significant asset and income stream to use towards the things it cares about” he said.
“We are thrilled we raised the money without donations or grants”, said Director Jeanette Pope. “Our town sees the importance of us owning our own real estate assets and we hope it provides a model for other communities to buy theirs and become more self-reliant”, she said.
The next chapter for the Hub will look like business-as-usual while the Co-op gets across its management. “We have set up a working group to look after the garden, and we might spruce up the meeting room, but things will stay the same while we pay back our investors”, Director Cath Jolly said.
“The previous owners have done such an incredible job creating this asset to support the community with local businesses and local sustainability organisations”, said Warwick Smith. “It must be bitter-sweet for them to hand over this achievement. But they have also become co-op members, so they won’t be far away!” he said
“It’s too late to invest in this building, but everyone is still welcome to join the Co-op”, said Director Paul van der Wal. “We will start looking for other investments with time. Come join us at our AGM, 5.30pm, on the 18th of November at the Castlemaine Town Hall and be part of it”, he said.
(The photo in this article is courtesy of the Castlemaine Mail.)