Thanks for pledging! - Share this with your friends
Thank you for your pledge! We'll be in touch once the campaign meets its goal, and again when it closes, so you know we'll be charging your card.
By Camia Young
I want to embed this investment somewhere
105 people pledged
29 days left
NZ$300,000 minimum target
Pledges will only be confirmed if the target is reached by: 21/03/2019 at 12:00 PM (NZDT)Make a Pledge
New Zealand’s first community minded, equity crowdfunded commercial development.
Collett’s Corner is a new commercial property for Lyttelton that has been designed in collaboration with the community. Based on a collective ownership model, it is not a vehicle for growing individual wealth. Instead, it 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.
To cultivate wellness
Collett's Corner is a place where people are supported to flourish, through the practice of caring for ourselves and the people around us. At the heart of Collett's Corner is a wellness centre with hot baths, cold dunking pool, treatment facilities, yoga studio and gym.
To distribute wealth fairly
Collett's Corner provides a way to distribute wealth more fairly and begin to close the inequality gap that divides our society. We call this 'Compassionate Capitalism' - enabling many people to make a little, instead of a few people making a lot.
To work together
Collett's Corner has been co-conceived and co-designed, and will be co-owned by many. Working together is a way create relationships, build trust, grow compasion and ultimately create a place where we can all belong. Collett's Corner will support each person as an individual while connecting them to a greater whole.
Like any commercial property development, Collett’s Corner needs to deliver a return. In this case those returns will aim to be both social and financial.
Why do we believe this is a solid investment?
Collett’s Corner is a 2,710m2 mixed-use building in the heart of Lyttelton. Located at the corner of London and Oxford Streets, it acts as a bookend to a vibrant commercial core. The building’s prominent site and scale gives it high visibility and will make it an iconic building in the township.
How will income be generated?
The building will generate income for investors through renting the ground floor and basement. The upper two floors of apartments will be sold to finance the construction.
How will profits be distributed?
Collett’s Corner is structured as a stand alone company with directors and shareholders. The company aims to pay a dividend to each shareholder based on the profits generated from rental income, as well as the potential to achieve capital gain upon the sale of their shares.
What does the future look like?
Prior to the earthquakes Lyttelton had a lively town centre. Once the apartments are inhabited and the businesses established, Collett’s Corner will contribute to the vibrancy that Lyttelton is famous for. Initially Collett’s Corner Ltd will support its new tenants to establish their businesses. Strong businesses mean greater return for investors and stronger community connections.
About the building
Collett’s Corner will be a bustling addition to Lyttelton’s creative chaos. The building has been designed as a vibrant place to connect with friends and whānau, in a space that is centred around wellbeing.
Basement: The basement hosts thermal baths with the potential for indoor and outdoor bathing, and a selection of treatment and massage rooms.
Ground Floor: The ground floor offers a shared courtyard, spacious open-plan community areas, a co-working space, a community restaurant for locals to meet and eat around long communal tables, boutique shops and a wellness centre with gym and yoga studio. A neighbourhood service desk is also located at ground level.
First and Second Floors: The first and second floors are comprised of twenty six apartments designed based on co-living principles, which means they have shared amenities such as laundry and rooftop deck access for residents. The apartments will be privately owned.
Roof: A pergola is imagined on the rooftop to provide an opportunity for residents to relax and enjoy stunning views of Lyttleton and Banks Peninsula.
The Share Offer
We are seeking to raise a minimum of $300,000 and a maximum of $2,000,000 of crowdfunded equity to progress the Collett’s Corner project through the stages of design, consenting and construction. The minimum investment is $100, which is equivalent to 1 share. The maximum investment is up to 10% of the value of the company, which is $251,500 if we reach the $2,000,000 target. In the event that we raise less than the $2,000,000 the 10% cap will be lower.
Collett’s Corner Ltd will own the ground floor and basement and rent space to a mix of wellness centre, restaurant, retail and co-working space. Shareholders could receive dividends (investment returns) from the generation of net rents on the bottom two floors. Alongside these dividends, shareholders will also have the ability for their share value (capital return) to increase as the value of the land and building appreciates over time. The top two floors will be apartments designed around co-living principles and sold as separate unit titles. This raises capital to complete the build.
Camia Young has a sale and purchase agreement with Collett’s Corner Ltd to sell the land on 1 July 2019. A valuation of the land was completed on 11 June 2018 valuing the land at $720,000. The condition is a 5% loan to be repaid on 1 January 2021, at which time a further long term loan would need to be sourced. Camia has the option to convert this loan subject to available equity.
The total percentage of the company being offered is calculated based on the assumption that all options for shares will be converted, except for those contingent on available equity. Thus the total number of shares will be 25,150, of which the crowdfunding would be 20,000 shares. This is equivalent to 79.5%* of the company.
*This differs from the ownership percentage indicated up above on the PledgeMe page (93.3%), as that calculation doesn't take into account the share options.
A total of 3,724 shares will be issued to Ohu Development, Joseph & Associates, Engeo and Structex in lieu of payment for services.
The shares on offer are full voting shares. Please read our Information Memorandum and Constitution for more information about the right attached to the shares.
About our Team
Warren & Mahoney in association with in:flux
Joseph & Associates
Project Managers, Commercial Analysts and Quantity Surveyors
Planning Consultants and Transport Engineers
Human Centric Designer and Events Awesomist
Leon White Design
The Copy Room
Story Teller and Video Producer
What we've done so far
Collett’s Corner has been designed in close consultation with the local community. The project began with a listening phase in 2017 where the local community suggested options for the building. From this, about 50 different ideas for the site were generated. Two options were tested and shared with the community. The preferred choice was the ‘attraction model’, which was focussed on creating a mixed-use building that would attract both locals and visitors. A brief was developed and released as a professional design competition. 31 entries were submitted and the public was invited to vote for their favourite. 1,144 people voted for the winning design, which is the basis for the current design you see today.
Risks and Challenges
In order to examine the key risks to the project, it is important to define the success factors for the project. Success for Collett’s Corner entails meeting the following objectives:
• A community is built by building a building and the community feels an integral part of the project.
• The project reaches financial close with sufficient capital raised and is set up for sustainable ongoing operational and financial success.
• The building is constructed on time and on budget.
• The design performs to build community and a series of spaces are created that connect people in meaningful ways.
• The project is a demonstration of collective ownership based on its legal and financial structures.
The following tables highlight the key risk items that could impact these success factors, along with proposed mitigation strategies.
Note from PledgeMe
We have completed a Veda check on the company and their directors, as well as a google check. There were no adverse findings.
06/02/2019 at 1:50 PM
The Equity Crowdfunding Campaign for Lyttelton’s Newest Commercial Development Goes Live Feb 7th.
Press Release - 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.”
For questions about this offer or the project, please email Camia Young at [email protected] To stay up to date with Collett’s Corner, please register at www.collettscorner.nz.
 Source: Oxfam Report: An Economy For The 99%. 2017.
|Maximum Shares Offered||20,000|
Explanation of valuation:
The pre-raise valuation of Collett’s Corner Ltd is calculated to be $142,600. This is the initial equity raised to take the project through preliminary design phase and to prepare the company for the equity crowdfunding.
|Prev Year||Current Year||Est. FY 2020||Est. FY 2021|
Company Name: Collett's Corner Ltd
Company Number: 7083213
(application/pdf, 3.65 MB, uploaded 06 February 2019)
(image/png, 142 KB, uploaded 06 February 2019)
(image/png, 134 KB, uploaded 06 February 2019)
(application/pdf, 81.5 MB, uploaded 06 February 2019)
(application/pdf, 227 KB, uploaded 06 February 2019)
(application/pdf, 745 KB, uploaded 06 February 2019)
(application/pdf, 587 KB, uploaded 06 February 2019)
Followers of Collett's Corner
2019-02-20 21:41:20 +1300
"Let's do this!"
2019-02-20 20:37:49 +1300
2019-02-20 19:47:56 +1300
2019-02-20 19:19:04 +1300
2019-02-20 18:03:32 +1300
2019-02-20 14:42:48 +1300
2019-02-20 14:19:08 +1300
"Wish I could buy more...love the concept.. great Job and all the best Claire"
2019-02-20 13:30:57 +1300
2019-02-20 13:26:48 +1300
2019-02-20 12:15:33 +1300
2019-02-20 10:29:24 +1300
2019-02-20 10:14:42 +1300
"Thrilled to be part of this innovative and inclusive community venture"
2019-02-20 09:01:08 +1300
2019-02-20 08:23:50 +1300
2019-02-19 16:54:24 +1300
2019-02-19 16:23:05 +1300
2019-02-19 14:53:30 +1300
"Best of luck with the raise."
2019-02-19 12:09:17 +1300
2019-02-19 09:47:22 +1300
"On behalf of whanau!"
2019-02-19 09:15:21 +1300
"How exciting! "
2019-02-18 20:59:20 +1300
2019-02-18 20:14:55 +1300
2019-02-18 06:25:13 +1300
"Exciting to be part of this community lead property development! "