In a first investment of its kind in Australia, the Castlemaine Community Investment Co-operative has now officially purchased 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.
The tireless work of the co-operative directors, Angus Grattan, Jeanette Pope, Cath Jolly, Gwen Hanna, Paul van der Wal and Warwick Smith, now maps a path for other communities to establish similar initiatives.
Angus told the Mail they had been dreaming of buying the Hub for two years, and on Tuesday, that dream finally became a reality.
“330 of our 550 members invested. We will pay them back with up to four per cent 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.
Jeanette said they were thrilled they managed to raise the money without donations or grants.
“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.
“What’s different about us is that we take loans, rather than shares and provide an interest, which will be paid back, and in 15 years, this building will be wholly community-owned. This means the community will then have the revenue stream to spend on other things it cares about.
“We’ve had about 20 organisations contact us, wanting to find out more so they can replicate it.”
Fellow director Cath Jolly said the next chapter for the Hub would look like business as usual, while the Co-op got 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,” she said.
Neil and Heather Barrett purchased the property back in 2008 and renovated the building using sustainability principles for it to become the home of the Mount Alexander Sustainability Group. After a few years, they moved on, but the building has remained a hub for sustainability organisations and small businesses that are needed in smaller towns. They are both now members of the co-op.
Warrick – an economist, writer and policy analyst – said community wealth building was part of the town’s wellbeing and helped reorient the economy so it benefited the community and the environment.
“It’s critical that communities can build their own wealth and have a lot more control over it.”
Paul said that while it was too late to invest in the Hub, everyone was still welcome to join the Co-op, which would start looking for other investments in time.
“Come join us at our AGM, 5.30pm, on November 18 at the Castlemaine Town Hall and be part of it,” he said.