The Castlemaine Community Investment Co-operative had raised $945,000 toward the purchase of the Hub at the time of going to press.
Director Angus Gratton said those investors who have been thinking about it need to act now.
“There will be no second chance. The investment offer closes on June 29, and if the sale amount has not been raised, the deal is off for good”.
The Co-operative is currently pursuing its first investment to purchase The Hub, a beloved historical building in central Castlemaine that is tenanted by environmental and sustainability organisations and small businesses often missing in rural towns.
Board member Jeanette Pope said they are thrilled so many people have joined and invested.
“The Hub truly will be community owned if we get it over the line. Whatever happens we will always be proud of how many people recognised what a unique opportunity this is, not only to take something precious to the community off the market and protect it for good – but to make history as the first co-op to do it this way.”
If the Co-op is successful it will run the building as is, using the rents to pay back investors debentures when they come to term.
“But there are short term opportunities to increase the community benefits, said board member Cath Jolly.
“We could build an NDIS social enterprise in the community garden, and the cafe will be up and running again soon. The co-op will also work with the Hub Foundation to continue its legacy of programs like YIMBY and the bulk solar buys.”
Board member Warwick Smith said potential investors should act quickly – read the disclosure statement, seek advice, become a member and apply. “We are offering debentures – a type of fixed term loan from members. You decide the amount (from $500, the term (5,10 or 15 years), and your annual interest rate (up to 4%). We’ll give you back your loaned amount at end of the term.”
“Come join 131 others in using your money to create something great for our town and for future generations.”
All information is available at www.castlemaine.coop to apply for a debenture and help make history visit https://castlemaine.coop/hub-apply/
