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By Camia Young
I want to embed this investment somewhere
370 people pledged
NZ$300,000 minimum target
Pledges will only be confirmed if the target is reached by: 21/03/2019 at 7:00 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 to create relationships, build trust, grow compassion 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.
Questions and Answers
A number of people have asked questions, we have collected them along with answers in this google doc. All questions are good questions, so if you have anything else to ask, please let us know. ([email protected] or 021 1125 087)
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.
Ngā mihi maioha
22/03/2019 at 2:00 PM
(Photos from the Collett's Corner equity crowdfunding campaign closing event at Eruption Brewery)
In just five weeks the Collett’s Corner crowd fundraising campaign closed with 370 people investing $504,000. Each shareholder is now a part owner of this ground-breaking commercial development. Ngā mihi maioha to all of you who share the vision driving Collett’s Corner, that is to building community by building buildings.
PledgeMe next steps
The PledgeMe team will be in touch with you to verify your details and collect your pledges. Here are the steps:
- For those who are investing through PledgeMe for the first time, you'll have received an auto-email letting you know that PledgeMe are carrying out your investor identity and address check. For those who have been verified previously, you will have received the payment details to complete your investment .
- If they need to clarify either your identity or address information, Team PledgeMe will be in touch with you over the coming days.
- Once verified, you'll receive the payment instructions to complete your investment .
- If you haven't heard anything from PledgeMe by Friday 5th April please check your junk for messages from [email protected], and if there's nothing there, please let [email protected] know.
Collett’s Corner next steps
What comes next is likely a bit of a learning journey for most people. What we would like to prepare you for is what we call ‘finding the path of water’. In order to do complex projects we need to be willing to adjust and seek the path that continues to move us forward in a way that aligns to the project’s purpose and draws out the greatest potential.
Because we did not meet the $2m target, we can not engage the full design team and complete the design stages at this time. What we can do is complete the resource consent, develop a brochure to seek tenants to pre-lease the commercial space and pre-sell the apartments. We can expect anywhere between 1 month – 6 months to obtain the resource consent. Once it has been obtained we can start leasing the commercial space and pre-selling apartments. After we have leases in place and have pre-sold the majority of the apartments we will seek further funds. We may do this through opening another round of equity investment or through borrowing. It is likely to be a combination.
We’ve created a register for anyone who missed out on the equity crowdfunding, is keen to further invest in Collett’s Corner or is wanting to sell their shares in the future. If you know family or friends who missed out on investing, or if you’d like to add your name any time in the future you can do so by sending me an email ([email protected]).
Resource Consent / Building’s Facade
We are 90% finished with the resource consent application. We received useful feedback from the Council on the design of the building. Their main concern is that the building is too uniform and does not address the corner. We tend to agree, and we think we can do better and make a more beautiful building for Lyttelton and you the shareholders. So we are taking the Council’s feedback as an opportunity to further study the design of the façade. We will start this work next week, you can expect the façade design to change. We will share the design with you in two weeks for your feedback before we submit the resource consent application. We anticipate submitting the resource consent application in 4 weeks.
There will be a shareholder meeting April 10th from 6-7pm at Eruption Brewery in Lyttelton. We will present the adjusted timeline, share the updated facade design and answer any questions you may have. If you cannot make the meeting and have questions please send them through ([email protected]). We will circulate a summary of questions/answers following the meeting to all shareholders.
In the investment memorandum we showed a timeline indicating the building would be completed by 2020. Because we did not reach the full $2m, we have to delay engaging the full design team to complete the drawings until we have more funds to pay them. We anticipate 12-18 month delay in the project, so instead of opening at the end of 2020 we will open the building in 2222.
Directors / AGM
We are seeking directors for Collett’s Corner Ltd. Shareholders can appoint one director to represent their voice on the board. If you would like to nominate someone please send us their name and CV ([email protected]). We will schedule an AGM for August. At that time, if not before, we will appoint directors.
If you have any questions please don' hesitate to get in touch.
Project Steward Collett’s Corner
021 1125 087
Building Bridges Building Communities
18/03/2019 at 6:12 PM
Building Bridges, Building Communities
While our hearts are broken in the wake of sadness and grief, we have greater resolve to do the work we are here to do. 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.
At the heart of Collett’s Corner is a wellness centre. We have yet to find the right name, but imagine a place that offers people a holistic approach to support their mental and physical wellbeing. Inevitably we each need something different, yet we can all benefit from having a place to develop a daily practice committed to our wellbeing. This place will be inclusive, people will be welcome irrespective of age, race or beliefs. Places like this bring people together who may not meet otherwise, and in these times we learn to respect one another's differences as well as see our similarities.
We considered postponing the campaign, however we realised a week or a month would not change how we feel at this time. Seeking investors right now does not seem like the right thing to do, nothing really feels like the right thing to do. But what we have heard from our community is that 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.
With this in mind, we decided to continue with the plan to host a gathering to celebrate the close of the equity crowdfunding campaign at Eruption bar in Lyttelton 21 March from 5:30-7:30pm, nibbles will be provided. For those that would like to attend, a vigil will be held at Albion Square from 8:30-9:30pm. This is a time to share whatever feels right to you, excitment for the future, sadness for the present, and everything in between.
The Collett’s Corner equity crowdfunding campaign closes this Thursday at 7pm. If we don’t reach the $2,000,000 target, we may do 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. For people that would like to remain informed about future investment opportunities, we have started a register, please send me an email and I will add you to this list. ([email protected])
While our hearts are heavy, our resolve to build Collett’s Corner as a place to gather around our mental and physical health remains unwavering.
Collett’s Corner Project Steward
021 1125 087
Boom! $400,000 and 250 Investors
15/03/2019 at 11:29 AM
Boom! We passed the $400K marker and have over 250 investors!
With one week to go, we can work together and reach for the target. Here is what you can do to help:
- Share Collett’s Corner with your friends and direct them to the PledgeMe page, you could say something like:
Collett’s Corner is pioneering a new way of developing buildings, it is co-conceived, co-designed and co-owned. The equity crowdfunding campaign is open for one more week. If you want to own a part of Lyttelton, now is the time to get in. http://pldg.me/collettscorner
- Share the Collett’s Corner posts on Facebook and LinkedIn when you see them, and let your friends know what excites you about the project.
- If you don't feel comfortable sharing the project yourself, feel free to e-intro me ([email protected]) to your friend(s). I can email details about the project and arrange a time to call or meet them if they have questions.
Are you one of those folks that puts things off, well don’t miss out because the campaign closes on 21 March at 7pm. If we don’t reach the $2,000,000 target, we MAY open up the investment to future shareholders, but there is no guarantee. If we do, shares will be adjusted to reflect the risk investors are taking in this round, whch means they will cost more per share in the future.
The most common question we have received is: “Can I invest for my kids?” Yes you can. What you need to do is buy shares in your name, then after the campaign closes you can send me an email that you want to transfer the shares into your child’s name and I can send you a transfer form.
Please join us at the Eruption Bar in Lytttelton 21 March from 5:30-7:30 to celebrate the closing of the campaign. Nibbles and drinks will be available.
Collett's Corner Project Steward
021 1125 087
The future of property development
07/03/2019 at 8:30 PM
Kia ora koutou
Together we reached our minimum goal of $300,000 on Friday 1 March. This is a major milestone, it shows the growing support for Collett’s Corner, and a new way of building community by building buildings. We are now gaining momentum as we reach for the $2,000,000 target.
Breaking new ground requires both believing there is a better way of doing things as well as committing to making it happen. As of today we have over 200 people investing over $360,000. That is 200 people committed to seeing Collett’s Corner and all that it stands for realised.
Raising the $300,000 means that Collett’s Corner continues, but more than that, it shows that together we can pool our resources and invest in the buildings we want in our towns. We can co-conceive, co-design and co-own buildings, Collett’s Corner is blazing the trail for the future of property development.
In the news
Stuff published an article yesterday, they write:
“Thomas Nash, the biggest investor so far, said the project on the former site of the Empire Hotel was a ‘flagship initiative. It is regenerative, distributive and genuinely transformative.’ Nash, a social entrepreneur at Massey University, said he wanted to use his role to look at New Zealand's role in the world, how the country was contributing internationally and what values were being projected.” Full article here.
Timelines and Targets
Because we surpassed our minimum goal of $300,000 the team can now submit the resource consent and develop the brochure to seek tenants and sell apartments.
If you are interested to stay informed about the apartment sales, please let me know. The list is a growing! Shareholders will have the first opportunity to purchase apartments, they will then be sold on the open market.
If we reach our $2,000,000 we can move ahead with the detailed design, and open the building by the end of 2020. If we fall short of our target we will slow the project down and seek bank debt following completing the resource consent and preselling apartments. The consequence could mean a 12-18 month delay in the opening date of the building.
When is the party?
It is time to celebrate, mark your calendars, the Collett's Corner equity crowdfunding campaign closes 21 March at 7pm. We will celebrate at the Eruption bar in Lyttleton from 5-7pm, come join us and meet your fellow shareholders.
021 1125 087
Together we make change.
01/03/2019 at 1:51 PM
Kia ora koutou
Over 170 people have contributed $279,600. This is great news! Thank you to everyone who has invested in the change Collett’s Corner is pioneering.
A very generous investor has offered to match pledges. If you invest $2k, so will they. If you invest $10k, so will they. They are willing to invest a total of $50,000 as they are keen to see us get past our minimum threshold of $300K by the end of this week and ultimately to our $2,000,000 goal.
A number of people have asked questions, we have collected them along with answers here. All questions are good questions, so if you have anything else to ask, please let us know.
Non-NZ Residents Contributions
We have received a few requests from non-NZ residents who want to support the Collett’s Corner project. Due to financial regulations non-NZ residents can not invest, BUT you can donate to Seed the Change via this link and they will invest into Collett’s Corner. Seed the Change | He Kākano Hāpai is a registered charity in New Zealand, and welcomes donations for projects it endorses. Donations made to Seed the Change will enable it to pledge for equity in Collett’s Corner. Future dividend returns from Collett’s Corner will enable the charity to further it's work to create a sustainable, equitable and joyous world.
Rally the Champions
If there is one thing you can do to support the project at this time, it is to share Collett’s Corner with your friends and whānau. We have over 170 people pledge $279,600 as of today, which shows us how many people are behind this pioneering development. The average pledged amount is ~$1500, if we want to reach our goal we need to bring on another 1150 people. That sounds a bit daunting, I know! But if each of us reaches out to 7 people and encourages them to invest in Collett’s Corner, we will reach our goal together. Let's do this!
021 112 5087
Collett's Corner Project Steward
Many hands makes for light work.
22/02/2019 at 1:28 PM
Kia ora koutou
Thank you to everyone who has invested in the change Collett’s Corner is pioneering.
Above are a few photos from the public launch event, it was great to see so many of you there to celebrate with us!
We have had a number of people get in touch to ask what they can do to support the project. The best way to help us at this stage is to get the word out about the campaign. Here are a few ways that would help us:
- If you know of groups of people we could share the project with, please get in touch. We can do anything between 3min shout out to a 30min deep dive into the key drivers and purpose.
- Share your voice as part of the campaign by sending us a quote and photo (optional). We will create an album on social media to profile the growing community. Here is a link to a form to gather quotes. Erica has offered to come take your photo for pledges over $10,000 (Christchurch only).
- If you have media contacts, please share Collett's Corner with them and tell them what excites you about Collett's Corner and why you invested in the project.
- We have a number of poster's to hang, if you have suggestions for good places to hang them please let me know and I will drop one by.
- Share the project with your friends and whānau, and when sharing with them, if they have questions you dont know the answers to let us know and we can answer them.
- Any other ways you can think of to share the campaign would be a huge help!
Thank you for joining this kaupapa, together we will create Collett's Corner and break the mold of traditional property development.
021 1125 087
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
Ask a Question (You must login to ask a question)
Is it possible that you may seek private investors elsewhere, to buy shares, if the two million target isn't reached instead of getting a loan to make up the difference?Posted on 09-03-2019 by Carmel Kokshoorn
If we don’t reach the $2m target we will seek additional funding once the resource consent has been granted and satisfactory levels of presales and preleases are in place. This may be via bank/non-bank debt or an additional equity raise (at a lower rate of return reflecting the reduced risk profile of the project).
Answered on 10-03-2019 by Camia Young
Hi there, Would love to help in anyway to get your $2,000,000 funding. Have you considered reaching out internationally for funding? Or putting the project on other crowdfunding sites in NZ such as this list? https://www.listof.co.nz/2015/02/list-of-crowdfunding-websites-in-new-zealand/
Also there is also the Angel Equity funding platform, https://www.angelequity.co.nz/home/raise/why-raise-with-us/ which could be another way.
I have already contacted the Canterbury Angle investor network to see if they will help to raise funds for this project.
If they can help, I will forward them on to you.
Regarding international investors, the aim of the project is not just to build a building but it is also to build a building that creates an equitable distribution of wealth, if we build a building that creates value that is extracted from the local economy and goes to people who have no relationship to NZ it undermines one of intentions of the project. So we are keen and patient in seek aligned investors, ie NZ residents.
As for running another campaign on another site, Im not sure what that would achieve. The real effort is in reaching the crowd, the platform is simply a licensed digital interface that provides us the legal right to reach out to the public and pool resources. PledgeMe are aligned in principle with what we are doing and so they are good partners for running the crowdfunding campaign. I dont think another platform gives us anything that PledgeMe does not already offer. I could be wrong, Im happy for your views on this if you have experience using the other platforms?
Thank you for the link to the Angel investors site, we will look into it further and consider it as we map out our financial strategy going forward. If you hear back from Angel Canterbury let me know, Id be happy to meet with them.
Thank you for your offer to help!
021 1125 087
Answered on 27-03-2019 by Camia Young
Followers of Collett's Corner
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"Go you good things! I’d love to rent one of the flats one day."
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"Building the future!"
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"Ourtearoa :-) Keep up the amazing work and vision of everyone energizing this. Keep making Otautahi Christchurch beautiful! <3"
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"The final push for crowd funded compassionate capitalism."
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"Very happy to support this....good luck!"
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This campaign has closed, but this company may choose to do more equity raises on PledgeMe in the future. If you're interested in investing in Collett's Corner , you can sign up to be notified when a new equity campaign from this company is published.
Buy shares in Collett's Corner and own part of Lyttelton | 1 share = $100 | maximum investment per pledger is $251,500
An associated party of PledgeMe holds an interest in this company, the interest is as follows:
Director Camia Young is a shareholder of PledgeMe | PledgeMe Chief Bubble Blower, Anna Guenther is a member of Ohu Foundation's board | Anake Goodall is a shareholder of both Collett's Corner and PledgeMe