5 February 2019
New Zealand’s first equity crowdfunded, community-minded commercial development is soon to be owned by everyday New Zealanders. Collett’s Corner – set in the heart of Lyttelton, Christchurch – will be a place that contributes to the community, both socially and economically.
The project’s collective ownership model marks a visionary shift in the structures that underpin a building’s creation, enabling fairer distribution of wealth in the hopes of closing the inequality gap that divides our society. With 8 people in the world controlling the same wealth as the bottom 50% according to a recent Oxfam Report , it’s a shift that is well overdue.
Collett’s Corner will be located at the corner of London and Oxford Streets. With a floor area of 2,710 sqm, the building will be host to a lively mix of wellness centre, community concierge, hospitality, retail, co-working space and apartments. The final design, led by Warren & Mahoney, is the result of hundreds of ideas contributed by the community over a 2-year collaborative process.
The project has been made possible by a relatively recent legislative change. In 2014, New Zealand law changed to allow an entire community to own a single company without going through expensive legal processes for the first time. By setting Collett’s Corner up as a standalone company with shares, the development can be owned by many everyday investors, instead of a few individuals with deep pockets.
The minimum buy in for Collett’s Corner is one share, which costs $100. Any New Zealand resident can invest in shares, and the maximum portion any one person can own is 10%. Shares must be purchased through the Collett’s Corner crowdfunding campaign which opens to Lyttelton locals on 7 February 2019, and the rest of New Zealand on 14 February 2019.
The project has been initiated by entrepreneur, developer and international architect Camia Young. Having co-designed the Gap Filler Pallet Pavilion and co-founded XCHC, she has a track record for creating buildings that in turn build community.
“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.”
“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 can start to move from an extractive economic system to a regenerative one.”
People can learn more and invest via Pledgeme. For questions about this offer or the project, please email Camia Young at email@example.com. To stay up to date with Collett’s Corner, please register at www.collettscorner.nz.
 Source: Oxfam Report: An Economy For The 99%. 2017.
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05 February 2019