{"id":25084,"date":"2025-07-01T06:34:00","date_gmt":"2025-06-30T20:34:00","guid":{"rendered":"https:\/\/midlandexpress.com.au\/?p=25084"},"modified":"2025-06-30T16:13:29","modified_gmt":"2025-06-30T06:13:29","slug":"co-op-raises-2m-to-buy-the-hub","status":"publish","type":"post","link":"https:\/\/centralvic.com\/midlandexpress.com.au\/latest-news\/2025\/07\/01\/co-op-raises-2m-to-buy-the-hub\/","title":{"rendered":"People power prevails"},"content":{"rendered":"\n<p>The Castlemaine Community Investment Co-operative has created history by smashing its $1.95 million target to purchase the town&#8217;s Hub building and bring it under community ownership.<\/p>\n\n\n\n<p>The Co-op&#8217;s debenture campaign surpassed its target at lunchtime on Thursday.<\/p>\n\n\n\n<p>The campaign officially closed on Sunday with the co-operative announcing it had raised $2 million of investments to buy the historic Hub building on the corner of Barker and Templeton Streets, Castlemaine. The funds will be used for all sale costs and maintenance reserve. <\/p>\n\n\n\n<p>Director Gwen Hanna said they were thrilled to reach their debenture limit three days early.<\/p>\n\n\n\n<p>\u201cOver 300 members subscribed. And we are now more than 500 members strong,\u201d she said. <\/p>\n\n\n\n<p>\u201cWhat we are particularly thrilled about is that we have raised the money for the building without donations or grants,\u201d said director Jeanette Pope. <\/p>\n\n\n\n<p>\u201cIt is genuinely a people-powered investment, and the Hub will be genuinely community owned.\u201d<\/p>\n\n\n\n<p>The Co-op will be the first to buy a local building this way. <\/p>\n\n\n\n<p>\u201cTo buy a profitable building with investments \u2013 using rents to pay the investors interest and returning their principle at term \u2013 is unique. We hope we can provide a model for other communities to keep their real estate assets community owned and used for community benefit,\u201d director Cath Jolly said. <\/p>\n\n\n\n<p>The Co-op directors said they were proud of the community and thanked everyone for their involvement, advice, encouragement and support. <\/p>\n\n\n\n<p>\u201cYou can\u2019t do something like this without a lot of people putting their shoulder to the wheel,&#8221; said director Angus Gratton. <\/p>\n\n\n\n<p>\u201cWe couldn\u2019t have done it without you all.\u201d <\/p>\n\n\n\n<p>While it\u2019s too late to invest in this building, everyone is still welcome to join the Co-op. <\/p>\n\n\n\n<p>\u201cOur members all have an equal say in our future (one member, one vote),\u201d said director Warwick Smith.<\/p>\n\n\n\n<p>\u201cThe sale won\u2019t go through for 60 days or so, and we will keep operating the Hub the way it is, but we will also start looking to the future. We have also partnered with the Hub Foundation and will be looking at what community benefits we can create through that. Come join us!\u201d<\/p>\n\n\n\n<p>Visit <a href=\"https:\/\/castlemaine.coop\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.castlemaine.coop<\/a> for more information on how you can become a member.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"388\" src=\"https:\/\/midlandexpress.com.au\/wp-content\/uploads\/2025\/06\/cCo-OpSuccess010725-2.jpg\" alt=\"\" class=\"wp-image-25076\" srcset=\"https:\/\/centralvic.com\/midlandexpress.com.au\/wp-content\/uploads\/2025\/06\/cCo-OpSuccess010725-2.jpg 800w, https:\/\/centralvic.com\/midlandexpress.com.au\/wp-content\/uploads\/2025\/06\/cCo-OpSuccess010725-2-300x146.jpg 300w, https:\/\/centralvic.com\/midlandexpress.com.au\/wp-content\/uploads\/2025\/06\/cCo-OpSuccess010725-2-768x372.jpg 768w, https:\/\/centralvic.com\/midlandexpress.com.au\/wp-content\/uploads\/2025\/06\/cCo-OpSuccess010725-2-696x338.jpg 696w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><figcaption>Castlemaine Community Investment Co-op members celebrate the historic achievement as the debenture campaign closed Sunday.<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Castlemaine Community Investment Co-operative has created history by smashing its $1.95 million target to purchase the town&#8217;s Hub building&#8230;<\/p>\n","protected":false},"author":23,"featured_media":25075,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[6769,5071],"ppma_author":[5225],"class_list":["post-25084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-castlemaine-community-investment-co-operative","tag-the-hub-castlemaine"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>People power prevails | Midland 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