First Ever Equity-crowdfunded Property Development In NZ Exceeds Targeted Amount Of $800,040
Key points -
- NZ $840,960 has been pledged by 250 people as of 9am on 23 October (against a minimum target of $800,040).
- This now means that this project - which is the first of its kind in this country - will proceed.
- Over $100,000 was invested in the first 24 hours.
- The maximum target is $1.4million.
- Collett’s Corner is a local project with national significance.
- There is still the opportunity for people to put their money where their heart is, and pledge before 29 October.
- For images & assets, click here.
The Global Context -
In the face of the health crisis sweeping the world, it highlights the importance of community, wellbeing and integrity. These are (and have always been) the underpinning values of Collett’s Corner and at the heart of the project.
As Cantabrians, we know that we get to choose the future we want on the other side of disaster - and we need buildings like Collett’s Corner to strengthen our neighbourhoods, to nurture our wellbeing, to build wealth across society and to be an example of new ways of doing things.
More than ever, we see the need for positive connections between humans; wealth
inequality remains a huge and growing issue. Our cities are built on an antiquated
model, with a lack of input from local people. Our systems are broken and we need to close the gap. Collett’s Corner is a pioneering step, in this regard.
Collett’s Corner has been designed in close consultation with the local community. Following a series of workshops, surveys and one on one discussions, and through many iterations with the local community feedback, the multi-use building has evolved to include a center for wellbeing and co-living apartments.
We are working with a wellness operator, Ukaipo, a collective of Maori based health practitioners with a focus on holistic healing.
The apartments are designed based on co-living principles, which means people own their apartments, while also have access to shared amenities such as the roof terrace with 360 degree views over the hills and harbour.
The building is steadily coming to life, representing the best of the vibrant mix of Lyttelton life that we all know and love.
National significance -
Collett’s Corner is a hyper local project with national significance. There are communities across the country that would like to take a similar approach to property development and revitalise their local centres, which we heard from a number of people as we travelled across Aotearoa.
Buying shares in Collett’s Corner is an investment in a pioneering approach to property development; one that could change the way we build buildings in our town centres. By pooling our resources and ideas we can create places that foster connection and belonging at the same time as distributing wealth more equitably.
The Project -
In March 2019 over 340 everyday people came together to make Collett’s Corner New Zealand’s first community minded, equity crowdfunded commercial property development. Since then we have been granted the resource consent, selected the architects and contractors, identified a prefered tenant for the commercial spaces and engaged Bayleys to sell the apartments.
We’re going back out to the public to raise between $800,000 and $1.4 mil to fund the final design phase. This means engaging our design team of architects, engineers and builders, obtaining the necessary building consents, and preparing to start construction in Summer 2022.
Progress is moving at pace towards building the building and our apartments are now for sale. Ranging from studio, one or two bedroom apartments, our turnkey apartments represent a new way of living. Designed for practical easy living with natural light and harbour / Port Hill views, this streamlined lifestyle suits those looking to relax and appreciate a more simple way of life built around health and wellbeing.
"Just the type of experiment we need to reinvent the current economic property model!”
"I'm pleased to be part of a project with such strong community involvement, and excited to have made my first ever share investment."
“I’m interested in defining the next era of architecture, creating places of connection and belonging. Collett’s Corner is designed to foster building meaningful relationships, which is at the heart of building community.”
- Project Founder, entrepreneur, developer Camia Young
“It’s time to turn the tables on how we own the buildings in our towns and cities. By sharing ownership between many everyday people, we create a shared sense of pride and involvement, and we more fairly distribute the profit that those community assets generate. I truly believe that by working together, we’ll build a more equitable society.”