Canterbury company moves forward in building community
21 March 2019
FOR IMMEDIATE RELEASE
Canterbury company moves forward in building community and wellness
Lyttelton based Collett’s Corner Limited, a community focussed property developer, has successfully met its funding target during an equity crowdfunding campaign 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 campaign is in its final day and closes tonight at 7pm.
The idea has been in development by international architect Camia Young for the last four years. The horrific attack on 15 March 2019 in neighbouring Christchurch has strengthened Young’s resolve in the importance of community spaces for wellness like Collett’s Corner.
“It is more important than ever that we create places that bridge divides and bring people together, places that are inclusive and enable conversations to overcome prejudice and exclusion, places that cultivate compassion through connecting us to our common humanity,” says Young.
“People need ways to come together right now, something to look forward to that is positive and offers hope in these troubling times. Collett’s Corner may not be the answer, but it can be a glimmer of hope on the horizon.”
A purpose built wellness centre will be housed on the basement and ground floors of the new development to encourage inclusive community engagement through facilities including hot baths, cold dunking pool, treatment facilities, yoga studio and gym. A coworking space and cafe as well as apartments and selected retail offer additional areas to come together.
Collett’s Corner Limited has surpassed the minimum goal for the offer and raised $464,000 so far, with 339 pledgers. Investor shares were priced at $100, which was also the minimum investment. If the $2 million maximum goal is not met the team behind Collett’s Corner are considering another crowdfunding campaign after obtaining the resource consent, securing leases and pre-selling apartments. This will reduce the current risk profile, and therefore the share price will be adjusted accordingly.
“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!”
For more details: https://www.pledgeme.co.nz/investments/347-collett-s-corner
For more information on PledgeMe:
PledgeMe (www.pledgeme.co.nz) provides a platform for Kiwis and now Australians to go to their networks for funding, and have raised over $30 million for over 1,300 campaigns. PledgeMe are the only combined equity, lending and project crowdfunding platform in New Zealand. Last year PledgeMe expanded to Australia, and are now licenced to provide equity crowdfunding in both countries.