New Zealand’s first crowd-funded commercial project launches
Collett’s Corner will provide space for retail, commercial, hospitality and more.
The project is the first equity crowd-funded project in New Zealand, letting any resident invest in the building.
Collett’s Corner is a new project in Lyttelton, Christchurch that will be New Zealand’s first crowd-funded commercial development. The PledgeMe campaign is now open and any New Zealand resident may purchase shares in the project for as little as $100.
Camia Young is an entrepreneur and international developer and architect who has provided the vision for this project. Young explains in an interview with Laura Griffiths, “For the first time in 2014 the New Zealand government allowed something called ‘equity crowd-funding’ where everyday people can invest. It’s run a bit like a kick-starter campaign, but it’s fundamentally different in that people don’t donate money, they actually purchase shares and become co-owners of the asset.”
Collett’s Corner is located on a prominent site and features a floor area of 2700 m2. The building will comprise residential, hospitality, workplace and other types of flexible spaces. A competition was held to create a concept for the site, which was won by a group of four Christchurch designers forming the group In:flux with their submission, “The Hive”. The final design was created in conjunction with Warren and Mahoney.
Young is passionate about community involvement in creating cities. She says, “Property ownership is one of the major forces widening the divide between rich and poor. It sounds crazy, but the reality is that eight people own 50 per cent of the world’s wealth. Compounding that, the current financial system is extractive. It enables people who already have a ton of money to invest in a way that extracts whatever value out of a resource they can. The money they make goes back to the individual investor and there’s no incentive to replenish the asset.”
She continues, “What we need to work towards is a regenerative financial system where people can collectively own assets, have say over how they’re used and share in the social and financial returns they generate. A commercial development can be structured to deliver a regenerative outcome. Sometimes as people we forget that we created these systems – and we can change them too.”
Shares in Collett’s Corner must be purchased through PledgeMe by 21 March 2019.
Find out more about the project on their Facebook page or at ohu.nz.
