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Canterbury company launches community owned property development campaign

Fuseworks Media
Fuseworks Media

Lyttelton based Collett’s Corner Limited is a community focussed property developer offering Kiwis an opportunity to own a piece of their first commercial building. Collett’s Corner will be New Zealand’s first community minded, equity crowdfunded commercial development.

The idea has been in development by international architect Camia Young for the last four years. She co-designed the Gap Filler Pallet Pavilion and co-founded XCHC and has a track record for creating buildings that in turn build community.

"With 8 people in the world owning 50% of the wealth, we believe it’s time to turn the tables on how our economic systems work - or don’t work - for us. By taking advantage of new opportunities in ownership and development, we believe we can move from an extractive economic system to a regenerative one." says Young.

Collett’s Corner Limited are looking to raise up to $2 million, which represents 80% of the company. Investor shares are priced at $100, and that is also the minimum investment. 20,000 shares are available, with individual ownership capped at 10% of the value of the company.

"Based on the collective ownership model, we believe this is an opportunity for many people to come together to own a shared asset - one which aims to distribute financial returns and help to strengthen the community fabric," says director Camia Young.

The building was designed over the course of two years in collaboration with the Lyttelton community around the concept of wellbeing. This central focus is reflected in a mix of wellness centre, hospitality, retail, co-working space and apartments. Situated on the corner of London and Oxford streets, Collett’s Corner is located in a prime position amidst Lyttelton’s retail core.

"I’m interested in defining the next era of architecture, creating places of connection and belonging. I truly believe it is possible to create a more equitable society if we work together," says Young.

PledgeMe’s founder, Anna Guenther, is excited about the precedent this campaign sets for community owned assets in New Zealand.

"We truly believe that communities are stronger when they have ownership in the companies that are created there. It’s exciting to see Collett’s Corner model what that can look like from a property development perspective!"

The campaign launched publicly today, and will run until 21 March 2019 unless the maximum goal is reached prior.

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