Time is nearly out for the Castlemaine Community Investment Co-operative to buy the Hub. <\/p>\n\n\n\n
At the time of printing, the Co-op had raised more than $1,184,000 (61 per cent) of investments needed from 150 members. Anyone still considering investment needs to act now to be part of making history in Castlemaine.<\/p>\n\n\n\n
The Co-op officially formed back on February 1, 2024. <\/p>\n\n\n\n
Board member Angus Gratton said there were about 20 members in the office going through the official business at that first gathering. <\/p>\n\n\n\n
“Ron Snep cracked open some sparkling and then we spent the next year doing what we needed to do to buy the Hub,\u201d Angus said.<\/p>\n\n\n\n
\u201cWe worked out a mechanism (landing on debentures), got it checked by lawyers, registered with government and 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,\u201d said board member Cath Jolly. <\/p>\n\n\n\n
\u201cAnd after a year we had it all done!<\/p>\n\n\n\n
“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,\u201d she said.<\/p>\n\n\n\n
\u201c(Current owners) The Barretts have been supportive from the get go,\u201d said board member Warwick Smith. \u201cWhen we were ready we offered a fair price for the building and they agreed. It\u2019s in good nick for its age, and we have a lot to lose if that Hub of community life goes to a developer,\u201d he said.<\/p>\n\n\n\n
\u201cIt\u2019s been a massive learning curve, but a lot of people helped,\u201d said member director Jeanette Pope.<\/p>\n\n\n\n
\u201cLook what we have achieved together. We now have over 360 members and are on the cusp of making history. Over 360 people might own our memories, our history, our future, our Hub! It\u2019s absolutely amazing,\u201d she said.<\/p>\n\n\n\n