Collett's Corner
By Camia
PledgeMe.Investment
I want to embed this investment somewhere
NZ $1,112,160 pledged
384 people pledged
Closed
NZ $800,040 minimum target
This campaign was successful and closed on 29/10/2020 at 7:00 PM.
Make a PledgeAbout
Collett's Corner
People
powered
property
development
Over 340 everyday people came together last year to make Collett’s Corner New Zealand’s first community minded, equity crowdfunded commercial property development.
Now with resource consent granted and a clear path to building the building, we're going back out to you, our crowd, to progress Collett’s Corner through construction. This is your opportunity to join us.
Our building
Collett’s Corner is a multi-use commercial building, to be constructed on Lyttelton’s main street. Designed in collaboration with the community, the building is a lively mix of spaces including a centre for wellbeing, hospitality, retail, co-working space, laneways and co-living apartments.
The upper two floors of apartments are being sold to finance the construction of the building.
The ground floor and basement will be owned by the company. At the heart of these two floors will be the Ūkaipō Wellbeing Sanctuary. Ūkaipō will offer a carefully curated range of traditional and contemporary healing modalities. Ūkaipō means Mother, origin, source of sustenance; to return to one’s real home. The vision for this atea (space) is to return people to their truest sense of self. Its offerings and accompanying surrounds will give the community a place where the best in mental, physical, spiritual, emotional and family wellbeing can be found.
Our four key purposes
Our team
The share offer
We are raising between $800,040 and $1,400,040 through equity crowdfunding to complete the final designs, grow the team, engage contractors, secure bank funding and progress Collett’s Corner through construction. Read our Investment Memorandum for full details of the share offer.
Capitalisation table
Note: the percentage ownership on offer indicated on this PledgeMe page (39.6%) differs from our actual offer (38%), as the percentage in our offer includes the effect of a part of Camia's loan being converted to shares.
Capital strategy
Why invest?
Collett’s Corner combines financial return, tangible ownership in a prominent and sought-after Lyttelton property and social impact. What resonated with our current shareholders?
Forecasted financial return
The building will generate income for investors through renting the ground floor and basement.
Our past and future path
Risks and challenges
Questions & Answers
We have collected questions we have received about the offer and are sharing them along with answers here.
A Note from PledgeMe
We have completed a Veda check on the company and its Directors, as well as Google checks. There were no adverse findings. There is an interest registered around this campaign, as a previous PledgeMe employee supported the preparation of this campaign, and the directors of Collett's Corner are shareholders of PledgeMe, and some of the PledgeMe team are shareholders of Collett's Corner through their last round.
Updates 5
We’ve hit $500,000!
19/10/2020 at 4:05 PM
Sharing ownership. Sharing the journey. Sharing the returns
Kia ora,
It’s been a big weekend of celebration and history making. To add to the excitement, we hit the half a million mark yesterday! Thank you to the 177 people who have invested a total of $505,920 in Collett’s Corner Ltd.
With 10 days to go and $300,000 more to be raised, now is the time to invest. It is all or nothing folks, we don't see a single dollar if we don't raise the $800,040.
Will you share the project with three people today so that we can reach as many people as possible before the campaign closes. Here's the campaign: pldg.me/collettscorner2020
Lets make this happen together!
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
Three weeks to go | What makes Collett’s Corner unique?
07/10/2020 at 9:56 AM
We hit our halfway mark!
03/10/2020 at 8:07 PM
Sharing ownership. Sharing the journey. Sharing the returns.
Kia ora,
We just hit our half way mark! Thank you to the 97 people who have invested $403,000 in Collett’s Corner since we launched the campaign 10 days ago.
If you’ve been watching the project, wondering about getting involved, now’s the time! Head to PledgeMe to invest anything from $120 upwards. Thanks for your support whānau!
This is the second and last equity crowdfunding campaign. We are raising between $800,000 and $1,400,000. The equity crowdfunding campaign closes 29 October at 7pm. Don’t miss out and don’t let your friends miss out either.
We’ve heard many reasons from people as to why they are investing in Collett’s Corner:
- It demonstrates that we can approach property development in a way that the community is at the heart of the decisions.
- It is a local project with national significance.
- It is an approach to property development that other towns and cities can replicate.
- The financial returns are better than keeping your money in the bank.
- It shows that we can work together to build the buildings we want in our towns and cities.
- We need new models and this is a new model!
We have collected the questions we have received and answered them here.
This week’s stops on our Crowdfunding Roadshow
Following a warm welcome in Kerikeri, a full house in Auckland and an in depth conversation in Raglan, we have just finished the day back in the sunshine at the Lyttelton market. Next up we’re excited about this week down South.
- Wānaka | Monday 5th, 7pm | Wānaka Community Hub (RSVP here)
- Online | Tuesday 6th, 7pm | Zoom (RSVP here)
- Invercargill | Wednesday 7th, 6pm | venue tbc (RSVP here)
- Dunedin | Thursday 8th, 5pm | Athenaeum, 23 The Octagon (RSVP here)
And in the weeks ahead we will also be co-hosing events in:
- Nelson | Tuesday 13th, 5.30pm | What is a Home (RSVP here)
- Golden Bay | Wednesday 14th, 12pm | venue tbc (RSVP here)
- Wellington | Monday 19th, 6pm | location tbc (RSVP here)
I’m available to meet in person or talk by phone if you would like to discuss the project, please don’t hesitate to get in touch with an email or a call to my number below.
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
What financial return can I earn from investing in Collett’s Corner?
30/09/2020 at 11:56 AM
Sharing ownership. Sharing the journey. Sharing the returns
Kia ora,
One week into our equity crowdfunding campaign and we’ve raised $174,600 from 85 investors! That’s 22% towards our minimum goal of $800,040. Thanks to each of you who have invested in us so far. We’re looking forward to welcoming you as shareholders later this month.
Financial returns
This update is focused on the financial return that can be earned from investing in Collett’s Corner. Looking beyond the social purpose at the heart of the building, it’s critical that the financial model of the building offers you an attractive return on your investment. Over the next ten years, we are forecasting an average return of 7% a year for people who invest in this round.
Collett’s Corner will open in FY2024 and, beginning in FY2025, shareholders will benefit financially. It’s important to acknowledge that investing in property is a longer term investment. We forecast two types of return: a cash return and an equity return. The cash return is dividends paid to shareholders. The equity return is the value of your shares, which increases over time as we repay our operating loan. Over time, the cash return increases as we earn higher rental income and the equity return reduces as the operating loan reduces to zero. You can read the full details in the share offer section of our investment memorandum on the PledgeMe page.
Collett’s Corner Roadshow
We kicked off the crowdfunding roadshow with a fantastic evening in Kerikeri. A big thank you to Barbara Belger for warmly welcoming us up North!
Tonight I’ll be participating in a panel discussion on doing development differently. I’ll be alongside Robin Allison from Earthsong, Thom Gill from CoHaus, Kyron Gosse from The Muriwai Micro Collective and Peter Jeffries from CORT Community Housing. My good friend Tony Van Raat will be facilitating the discussion.
Auckland | Wednesday 30th, 6pm | Objectspace, Grey Lynn (RSVP here) TONIGHT
Raglan | Thursday 1st October, 4pm | Raglan Town Hall (RSVP here)
Wānaka | Monday 5th, 7pm | Wānaka Community Hub (RSVP here)
Invercargill | Wednesday 7th, 6pm | venue tbc (RSVP here)
Online for the living room warriors | Tuesday 6th, 7pm | Zoom (RSVP here)
Dunedin | Thursday 8th, 5pm | Athenaeum, 23 The Octagon (RSVP here)
Nelson | Tuesday 13th, 5.30pm | What is a Home (RSVP here)
Golden Bay | Wednesday 14th, 12pm | venue tbc (RSVP here)
Wellington | Monday 19th, 6pm | Wellington City Council (RSVP here)
If you’ve got close friends and family in these regions, please share these events with them. The more people we can introduce to the project, the more people invest in it, the closer we are to reaching the $800,000 minimum goal!
If you live in one of the areas I'm visiting, and you are keen for a one on one catch up, please reach out and if time allows I would be delighted to meet you personally.
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
We are live!
23/09/2020 at 3:02 PM
Sharing ownership. Sharing the journey. Sharing the returns.
Kia ora,
We are now live! This is your chance to invest in Collett’s Corner and be part of establishing a new approach to property development, one that builds community as well as offers financial returns.
We’re excited about the buzz of interest we’ve had from around the country. If you want to own shares, I’d suggest buying them early, because we won’t be selling shares again.
On this campaign page you will find the details of our offer, our information memorandum and our video. We’re also keeping a live FAQ, which compiles the questions we’ve received in one place.
Launch party 6pm tonight at Eruption Brewing
We’re celebrating the launch of our equity crowdfunding campaign and our launch of the apartment sales with a party at Eruption Brewing Lyttelton. It’s happening tonight at 6pm and we’d love to see you there! There will be a fun facts quiz at 6:30, the top three winners will receive a share in Collett’s Corner.
The Collett’s Corner Roadshow
I’m travelling Aotearoa and sharing the Collett’s Corner story over the coming month. Check out our full events schedule on Facebook and come along to an event near you!
ChCh | Saturday 26th Sept, 5:30pm | XCHC (RSVP here)
Kerikeri | Monday 28th, 6.30pm | Cornerstone - Whare Karakia o Manako (RSVP here)
Auckland | Wednesday 30th, 6pm | Objectspace, Grey Lynn (RSVP here)
Raglan | Thursday 1st October, 4pm | Raglan Town Hall (RSVP here)
Wānaka | Monday 5th, 7pm | Wānaka Community Hub (RSVP here)
Online | Tuesday 6th, 7pm | Zoom (RSVP here)
Invercargill | Wednesday 7th, 6pm | venue tbc (RSVP here)
Dunedin | Thursday 8th | time and location tbc
Nelson | Tuesday 13th, 5.30pm | What is a Home (RSVP here)
Golden Bay | Wednesday 14th, 12pm | venue tbc (RSVP here)
Wellington | Monday 19th, 6pm | Wellington City Council (RSVP here)
Whanganui | date, time and location tbc
Tauranga | date, time and location tbc
One more surprise
Just when you thought the team could not roll out one more surprise, we’ve launched our new website. Feel free to check it out here. It has details about the apartments, as well as a library of past newsletters, upcoming events and media articles.
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
Details
Offer Details
| Current Valuation | 1,222,560 |
| Raise Minimum | 800,040 |
| Raise Maximum | 1,400,040 |
| Share Price | 120.00 |
| Minimum Pledge | 120.00 |
| Maximum Shares Offered | 11,667 |
Explanation of valuation:
The 20% increase in share price from last year’s crowdfunding raise reflects the reduced risk of the project due to the resource consent being granted. This increase is also comparable to the 14% annualised return on the publicly traded NZ Smartshares Property ETF (NPF) over the past three years.
More commentary provided in our IM.
Financial Summary
| Prev Year | Current Year | Est. FY 2025 | Est. FY 2026 | |
|---|---|---|---|---|
| Revenue | NZ $5,015 | NZ $0 | NZ $0 | NZ $0 |
| Operating Expenses | NZ $79,377 | NZ $148,083 | NZ $111,625 | NZ $174,429 |
| EBITDA | -NZ $22,599 | -NZ $148,083 | -NZ $111,625 | -NZ $174,429 |
| Net Profit | -NZ $48,734 | -NZ $183,493 | -NZ $296,962 | -NZ $821,485 |
Company Details
Company Name: Collett's Corner Limted
Company Number: 7083213
Company Documents
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Camia Young | Founding Director | https://nz.linkedin.com/in/camiayoung | ✔ |
| Raf Manji | Shareholder-appointed Director | https://nz.linkedin.com/in/raf-manji-a576022 | ✔ |
Questions 11
tadalafil mail order cheapest tadalafil india https://tadalafilise.com/
Posted on 04-07-2022 by AbilEnribtadalafil online canadian pharmacy 1st rx pharmacy https://jijopharm.com/
Posted on 30-06-2022 by NbtsadveRcanadian pharmacy ocala fl vet pharmacy online https://pharmacyclined.com/
Posted on 28-06-2022 by WrfaLuslycialis generic online viagra vs cialis price https://cialisandeds.com/
Posted on 26-06-2022 by NmqzadveRHi, What are the ongoing costs (if any) once the pledge is made.
Posted on 28-10-2020 by Donna WellsKia ora Donna, there are no ongoing costs for you when you pledge.
Kindly,
Camia
Answered on 29-10-2020 by Camia
Hi, can you clarify the numbers for me, in the money raised section, the majority of this is made up of $10M, and $12M in loans, yet you only have $15M in forecast spend/costs. Where is the remainder of the money going?
Posted on 20-10-2020 by Adrian EdgeThanks for your question, Adrian. In the commentary on page 32 of the IM under the "capital raised and to be raised" table, you'll see that the $9,834,681 apartment sales proceeds will be used to repay the construction loan of $9,500,000. Also, you'll see in the Balance Sheet commentary on page 35, that the $2,473,747 operational loan will repay the rest of the borrowing that is taken on before the doors open (namely, the $1,073,445 subordinated construction loan and the $720,000 loan to purchase land). When we take those into account, the total amount of capital needed is $14m (adding up the table on page 32, minus the land loan and construction loans) to foot the total spend of $14m.
Kindly,
Camia
Answered on 21-10-2020 by Camia
Hello,
Congrats on this amazing initiative!
I have a couple of questions on the financials. The information memorandum forecasts first full-year rental income in 2025 of $323,257 (then escalating by 2%). Based on ‘current rent estimates’, this is generated 65% from the wellness centre (about $17.5k/month in 2025 by my calculations), and 17% from the restaurant (about $4.5k/month). I understand that these are commercial estimates developed by JLL. You also say "we are seeking bespoke operators that align with our mission and expect a long-term collaborative effort for the space. For our first three years of operations, we also intend to secure long-term tenants by offering an incentive in the way of reduced rent.” This make sense, but therefore my question on this are:
1. In the Profit and Loss table on page 34 of the IM, I can’t see an associated shift in rental income at year 3/2027, how much are you planning to discount? (It also doesn’t seem evident in the graph on page 35) Is this first 3-year discount accounted for in the return calculations presented?
2. How confident are you that businesses that meet the ethos of the development will also be able to pay fully commercial rentals? eg. in the risks it says that “(Ūkaipō) are currently working on developing a business plan to meet bank requirements”. As the pre-selected anchor tennant, can you provide more specific commentary on the ability of their business to absorb the expected rental cost?
3. How specifically are the rental rates for the retail and restaurant spaces benchmarked to rents on London street?
4. Are you able to provide any more sensitivity analysis/scenarios to illustrate the impacts on returns if the forecast annual rental incomes in the IM cannot be achieved, and/or the target sale values of the apartments cannot be reached?
Then, on the design
a. There doesn’t seem to be much in terms of trees and greenery in the design. Have you explored all options for integrating nature-based solutions?
b. I don’t see any provision for solar PV and/or central heating in either the design concept or business model? Have these been considered and/or could they still be included? Energy supply to the building occupants could become an additional revenue stream to the long-term business
Kia ora Tim and thank you for each of your questions. I appreciate the depth of detail that you have gone to and you are on point with all of our major risks. Property development is a high risk investment.
Financial:
1. For the first three years of operations (our Settling In phase), tenants will be supported through reduced rents. These discounts are recorded under our operating expenses as rental rebates and are forecast to be $50,000 in FY2024, $40,000 in FY2025 and $10,000 in FY2026. Without those rebates, returns would be higher in FY2025 and FY2026.
2. This is a risk like every other property development. The approach that we have taken is that I am working with Chelita to develop her business plan. Chelita has a number of business mentors and is part of a network of Maori healing practitioners, all of whom own their own businesses. Many of those healing practitioners will practice from Ūkaipō.
3. You can find the comparable rental rates for London Street retail and restaurant spaces in the JLL report which we’ve added to the Details tab on the PledgeMe campaign page.
4. We believe that the rental rates that we have used in our financial model are conservative. However, if we experience unexpected economic shocks that reduce rental income, the returns to investors will be lower. If we don’t pre-sell 70% to 80% of the apartments, we will not be able to access bank loans to build the building. This is a risk that we are very aware of.
Design:
a. We have placed planter boxes throughout on the ground, first, second floors and rooftop.
b. The roof will have the ability to accommodate solar panels. We have not designed the heating system yet. That is to come in the next design phase. It is our intention to provide an energy efficient system that meets a high standard for resident’s and tenant’s wellbeing and comfort while being within the construction budget.
Kindly,
Camia
Answered on 08-10-2020 by Camia
What are the investor perks suggested but not spelled out? Front of queue for choosing an apartment?
Posted on 05-10-2020 by Charles WeddThanks for your question, Charles. Shareholders won't have first choice on the apartments. The investor perk that we are giving to all shareholders - no matter the size of their investment - is full voting rights. If you are interested in the apartments, I can put you in touch with our real estate agent, Bayleys.
Kindly,
Camia
Answered on 05-10-2020 by Camia
There is a slight discrepancy between the pre-money valuation listed on Pledgeme website and the IM. Which amount is correct?
Posted on 23-09-2020 by CristianThanks for spotting that $2,320 difference, Cristian. I can confirm that the IM is correct. We'll update the figure on the PledgeMe page so that it reflects the correct figure of $1,222,560 (10,188 shares at $120 each).
Answered on 23-09-2020 by Camia
Hi,
Can you please explain more about the effect of and need for the founder shares being entitled to appoint 4 of the 5 directors?
From the IM, there are only 2 entities that own founder shares, and they will own less than 11% of the company (yet, be entitled to appoint a supermajority of directors)
From the information in the IM and the constitution, even with a maximum raise, the 'crowd' would only own 74% and therefore be unable to change the constitution (because it would be a special resolution and require 75% of shareholders to vote in favour) to remove or amend this clause to have directorship more accurately represent ownership.
Are you likely to change this, or convert the founder shares to investor shares in the near future?
Thanks for your question, Scott.
Collett's Corner will move through two distinct phases: the development phase which we're currently in and the operating phase which begins when the doors of the building open in 2023. For the development phase, Ohu and I - as those responsble for delivering the development - wanted to ensure that the appointed directors have the necessary skills to see the build through to completion, whilst at the same time achieving shareholder representation.
The constitution allows for the founding shareholders to pass the power of appointing all directors to the investor shareholders and the intention is to do that once we reach the operating phase.
Answered on 23-09-2020 by Camia
How high above sea level is the site for the building? Has sea level rise been considered, keeping in mind that property values will plummet in some areas as people become aware of future problems from sea level rise. Thanks
Posted on 22-09-2020 by Terry WoodsKia ora Terry, the site is 27.5m above sea level (on average) so we'll be fine. We'll be helping out others living on lower land in our community before we need to consider our building.
Kindly,
Camia
Answered on 23-09-2020 by Camia
Pledgers 384
11/12/2020 at 2:40pm
11/12/2020 at 2:32pm
10/12/2020 at 1:54pm
29/10/2020 at 6:59pm
29/10/2020 at 6:59pm
29/10/2020 at 6:53pm
29/10/2020 at 6:49pm
"The Fitzgerald whanau believes wellbeing centers are the epicenter of humanities change."
29/10/2020 at 6:47pm
"🥨"
29/10/2020 at 6:45pm
29/10/2020 at 6:39pm
29/10/2020 at 6:38pm
29/10/2020 at 6:18pm
29/10/2020 at 6:12pm
"Kia kaha Camia!"
29/10/2020 at 6:09pm
29/10/2020 at 5:58pm
29/10/2020 at 5:36pm
29/10/2020 at 4:34pm
29/10/2020 at 4:29pm
29/10/2020 at 4:21pm
29/10/2020 at 4:12pm
29/10/2020 at 3:58pm
29/10/2020 at 3:58pm
29/10/2020 at 3:57pm
29/10/2020 at 3:38pm
29/10/2020 at 3:29pm
29/10/2020 at 3:25pm
29/10/2020 at 3:13pm
29/10/2020 at 3:00pm
"I invest in property shares overseas on a weekly basis and welcome the opportunity to invest in my own back yard. "
29/10/2020 at 2:54pm
"I am looking forward to see this vacant site developed will be a great asset for the town."
29/10/2020 at 2:50pm
"My email is [email protected]"
Collett's Corner
People
powered
property
development
Over 340 everyday people came together last year to make Collett’s Corner New Zealand’s first community minded, equity crowdfunded commercial property development.
Now with resource consent granted and a clear path to building the building, we're going back out to you, our crowd, to progress Collett’s Corner through construction. This is your opportunity to join us.
Our building
Collett’s Corner is a multi-use commercial building, to be constructed on Lyttelton’s main street. Designed in collaboration with the community, the building is a lively mix of spaces including a centre for wellbeing, hospitality, retail, co-working space, laneways and co-living apartments.
The upper two floors of apartments are being sold to finance the construction of the building.
The ground floor and basement will be owned by the company. At the heart of these two floors will be the Ūkaipō Wellbeing Sanctuary. Ūkaipō will offer a carefully curated range of traditional and contemporary healing modalities. Ūkaipō means Mother, origin, source of sustenance; to return to one’s real home. The vision for this atea (space) is to return people to their truest sense of self. Its offerings and accompanying surrounds will give the community a place where the best in mental, physical, spiritual, emotional and family wellbeing can be found.
Our four key purposes
Our team
The share offer
We are raising between $800,040 and $1,400,040 through equity crowdfunding to complete the final designs, grow the team, engage contractors, secure bank funding and progress Collett’s Corner through construction. Read our Investment Memorandum for full details of the share offer.
Capitalisation table
Note: the percentage ownership on offer indicated on this PledgeMe page (39.6%) differs from our actual offer (38%), as the percentage in our offer includes the effect of a part of Camia's loan being converted to shares.
Capital strategy
Why invest?
Collett’s Corner combines financial return, tangible ownership in a prominent and sought-after Lyttelton property and social impact. What resonated with our current shareholders?
Forecasted financial return
The building will generate income for investors through renting the ground floor and basement.
Our past and future path
Risks and challenges
Questions & Answers
We have collected questions we have received about the offer and are sharing them along with answers here.
A Note from PledgeMe
We have completed a Veda check on the company and its Directors, as well as Google checks. There were no adverse findings. There is an interest registered around this campaign, as a previous PledgeMe employee supported the preparation of this campaign, and the directors of Collett's Corner are shareholders of PledgeMe, and some of the PledgeMe team are shareholders of Collett's Corner through their last round.
We’ve hit $500,000!
19/10/2020 at 4:05 PM
Sharing ownership. Sharing the journey. Sharing the returns
Kia ora,
It’s been a big weekend of celebration and history making. To add to the excitement, we hit the half a million mark yesterday! Thank you to the 177 people who have invested a total of $505,920 in Collett’s Corner Ltd.
With 10 days to go and $300,000 more to be raised, now is the time to invest. It is all or nothing folks, we don't see a single dollar if we don't raise the $800,040.
Will you share the project with three people today so that we can reach as many people as possible before the campaign closes. Here's the campaign: pldg.me/collettscorner2020
Lets make this happen together!
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
Three weeks to go | What makes Collett’s Corner unique?
07/10/2020 at 9:56 AM
We hit our halfway mark!
03/10/2020 at 8:07 PM
Sharing ownership. Sharing the journey. Sharing the returns.
Kia ora,
We just hit our half way mark! Thank you to the 97 people who have invested $403,000 in Collett’s Corner since we launched the campaign 10 days ago.
If you’ve been watching the project, wondering about getting involved, now’s the time! Head to PledgeMe to invest anything from $120 upwards. Thanks for your support whānau!
This is the second and last equity crowdfunding campaign. We are raising between $800,000 and $1,400,000. The equity crowdfunding campaign closes 29 October at 7pm. Don’t miss out and don’t let your friends miss out either.
We’ve heard many reasons from people as to why they are investing in Collett’s Corner:
- It demonstrates that we can approach property development in a way that the community is at the heart of the decisions.
- It is a local project with national significance.
- It is an approach to property development that other towns and cities can replicate.
- The financial returns are better than keeping your money in the bank.
- It shows that we can work together to build the buildings we want in our towns and cities.
- We need new models and this is a new model!
We have collected the questions we have received and answered them here.
This week’s stops on our Crowdfunding Roadshow
Following a warm welcome in Kerikeri, a full house in Auckland and an in depth conversation in Raglan, we have just finished the day back in the sunshine at the Lyttelton market. Next up we’re excited about this week down South.
- Wānaka | Monday 5th, 7pm | Wānaka Community Hub (RSVP here)
- Online | Tuesday 6th, 7pm | Zoom (RSVP here)
- Invercargill | Wednesday 7th, 6pm | venue tbc (RSVP here)
- Dunedin | Thursday 8th, 5pm | Athenaeum, 23 The Octagon (RSVP here)
And in the weeks ahead we will also be co-hosing events in:
- Nelson | Tuesday 13th, 5.30pm | What is a Home (RSVP here)
- Golden Bay | Wednesday 14th, 12pm | venue tbc (RSVP here)
- Wellington | Monday 19th, 6pm | location tbc (RSVP here)
I’m available to meet in person or talk by phone if you would like to discuss the project, please don’t hesitate to get in touch with an email or a call to my number below.
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
What financial return can I earn from investing in Collett’s Corner?
30/09/2020 at 11:56 AM
Sharing ownership. Sharing the journey. Sharing the returns
Kia ora,
One week into our equity crowdfunding campaign and we’ve raised $174,600 from 85 investors! That’s 22% towards our minimum goal of $800,040. Thanks to each of you who have invested in us so far. We’re looking forward to welcoming you as shareholders later this month.
Financial returns
This update is focused on the financial return that can be earned from investing in Collett’s Corner. Looking beyond the social purpose at the heart of the building, it’s critical that the financial model of the building offers you an attractive return on your investment. Over the next ten years, we are forecasting an average return of 7% a year for people who invest in this round.
Collett’s Corner will open in FY2024 and, beginning in FY2025, shareholders will benefit financially. It’s important to acknowledge that investing in property is a longer term investment. We forecast two types of return: a cash return and an equity return. The cash return is dividends paid to shareholders. The equity return is the value of your shares, which increases over time as we repay our operating loan. Over time, the cash return increases as we earn higher rental income and the equity return reduces as the operating loan reduces to zero. You can read the full details in the share offer section of our investment memorandum on the PledgeMe page.
Collett’s Corner Roadshow
We kicked off the crowdfunding roadshow with a fantastic evening in Kerikeri. A big thank you to Barbara Belger for warmly welcoming us up North!
Tonight I’ll be participating in a panel discussion on doing development differently. I’ll be alongside Robin Allison from Earthsong, Thom Gill from CoHaus, Kyron Gosse from The Muriwai Micro Collective and Peter Jeffries from CORT Community Housing. My good friend Tony Van Raat will be facilitating the discussion.
Auckland | Wednesday 30th, 6pm | Objectspace, Grey Lynn (RSVP here) TONIGHT
Raglan | Thursday 1st October, 4pm | Raglan Town Hall (RSVP here)
Wānaka | Monday 5th, 7pm | Wānaka Community Hub (RSVP here)
Invercargill | Wednesday 7th, 6pm | venue tbc (RSVP here)
Online for the living room warriors | Tuesday 6th, 7pm | Zoom (RSVP here)
Dunedin | Thursday 8th, 5pm | Athenaeum, 23 The Octagon (RSVP here)
Nelson | Tuesday 13th, 5.30pm | What is a Home (RSVP here)
Golden Bay | Wednesday 14th, 12pm | venue tbc (RSVP here)
Wellington | Monday 19th, 6pm | Wellington City Council (RSVP here)
If you’ve got close friends and family in these regions, please share these events with them. The more people we can introduce to the project, the more people invest in it, the closer we are to reaching the $800,000 minimum goal!
If you live in one of the areas I'm visiting, and you are keen for a one on one catch up, please reach out and if time allows I would be delighted to meet you personally.
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
We are live!
23/09/2020 at 3:02 PM
Sharing ownership. Sharing the journey. Sharing the returns.
Kia ora,
We are now live! This is your chance to invest in Collett’s Corner and be part of establishing a new approach to property development, one that builds community as well as offers financial returns.
We’re excited about the buzz of interest we’ve had from around the country. If you want to own shares, I’d suggest buying them early, because we won’t be selling shares again.
On this campaign page you will find the details of our offer, our information memorandum and our video. We’re also keeping a live FAQ, which compiles the questions we’ve received in one place.
Launch party 6pm tonight at Eruption Brewing
We’re celebrating the launch of our equity crowdfunding campaign and our launch of the apartment sales with a party at Eruption Brewing Lyttelton. It’s happening tonight at 6pm and we’d love to see you there! There will be a fun facts quiz at 6:30, the top three winners will receive a share in Collett’s Corner.
The Collett’s Corner Roadshow
I’m travelling Aotearoa and sharing the Collett’s Corner story over the coming month. Check out our full events schedule on Facebook and come along to an event near you!
ChCh | Saturday 26th Sept, 5:30pm | XCHC (RSVP here)
Kerikeri | Monday 28th, 6.30pm | Cornerstone - Whare Karakia o Manako (RSVP here)
Auckland | Wednesday 30th, 6pm | Objectspace, Grey Lynn (RSVP here)
Raglan | Thursday 1st October, 4pm | Raglan Town Hall (RSVP here)
Wānaka | Monday 5th, 7pm | Wānaka Community Hub (RSVP here)
Online | Tuesday 6th, 7pm | Zoom (RSVP here)
Invercargill | Wednesday 7th, 6pm | venue tbc (RSVP here)
Dunedin | Thursday 8th | time and location tbc
Nelson | Tuesday 13th, 5.30pm | What is a Home (RSVP here)
Golden Bay | Wednesday 14th, 12pm | venue tbc (RSVP here)
Wellington | Monday 19th, 6pm | Wellington City Council (RSVP here)
Whanganui | date, time and location tbc
Tauranga | date, time and location tbc
One more surprise
Just when you thought the team could not roll out one more surprise, we’ve launched our new website. Feel free to check it out here. It has details about the apartments, as well as a library of past newsletters, upcoming events and media articles.
Ngā mihi,
Camia Young
Founding Director
021 1125 087
www.collettscorner.nz
Offer Details
| Current Valuation | 1,222,560 |
| Raise Minimum | 800,040 |
| Raise Maximum | 1,400,040 |
| Share Price | 120.00 |
| Minimum Pledge | 120.00 |
| Maximum Shares Offered | 11,667 |
Explanation of valuation:
The 20% increase in share price from last year’s crowdfunding raise reflects the reduced risk of the project due to the resource consent being granted. This increase is also comparable to the 14% annualised return on the publicly traded NZ Smartshares Property ETF (NPF) over the past three years.
More commentary provided in our IM.
Financial Summary
| Prev Year | Current Year | Est. FY 2025 | Est. FY 2026 | |
|---|---|---|---|---|
| Revenue | NZ $5,015 | NZ $0 | NZ $0 | NZ $0 |
| Operating Expenses | NZ $79,377 | NZ $148,083 | NZ $111,625 | NZ $174,429 |
| EBITDA | -NZ $22,599 | -NZ $148,083 | -NZ $111,625 | -NZ $174,429 |
| Net Profit | -NZ $48,734 | -NZ $183,493 | -NZ $296,962 | -NZ $821,485 |
Company Details
Company Name: Collett's Corner Limted
Company Number: 7083213
Company Documents
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Camia Young | Founding Director | https://nz.linkedin.com/in/camiayoung | ✔ |
| Raf Manji | Shareholder-appointed Director | https://nz.linkedin.com/in/raf-manji-a576022 | ✔ |
tadalafil mail order cheapest tadalafil india https://tadalafilise.com/
Posted on 04-07-2022 by AbilEnribtadalafil online canadian pharmacy 1st rx pharmacy https://jijopharm.com/
Posted on 30-06-2022 by NbtsadveRcanadian pharmacy ocala fl vet pharmacy online https://pharmacyclined.com/
Posted on 28-06-2022 by WrfaLuslycialis generic online viagra vs cialis price https://cialisandeds.com/
Posted on 26-06-2022 by NmqzadveRHi, What are the ongoing costs (if any) once the pledge is made.
Posted on 28-10-2020 by Donna WellsKia ora Donna, there are no ongoing costs for you when you pledge.
Kindly,
Camia
Answered on 29-10-2020 by Camia
Hi, can you clarify the numbers for me, in the money raised section, the majority of this is made up of $10M, and $12M in loans, yet you only have $15M in forecast spend/costs. Where is the remainder of the money going?
Posted on 20-10-2020 by Adrian EdgeThanks for your question, Adrian. In the commentary on page 32 of the IM under the "capital raised and to be raised" table, you'll see that the $9,834,681 apartment sales proceeds will be used to repay the construction loan of $9,500,000. Also, you'll see in the Balance Sheet commentary on page 35, that the $2,473,747 operational loan will repay the rest of the borrowing that is taken on before the doors open (namely, the $1,073,445 subordinated construction loan and the $720,000 loan to purchase land). When we take those into account, the total amount of capital needed is $14m (adding up the table on page 32, minus the land loan and construction loans) to foot the total spend of $14m.
Kindly,
Camia
Answered on 21-10-2020 by Camia
Hello,
Congrats on this amazing initiative!
I have a couple of questions on the financials. The information memorandum forecasts first full-year rental income in 2025 of $323,257 (then escalating by 2%). Based on ‘current rent estimates’, this is generated 65% from the wellness centre (about $17.5k/month in 2025 by my calculations), and 17% from the restaurant (about $4.5k/month). I understand that these are commercial estimates developed by JLL. You also say "we are seeking bespoke operators that align with our mission and expect a long-term collaborative effort for the space. For our first three years of operations, we also intend to secure long-term tenants by offering an incentive in the way of reduced rent.” This make sense, but therefore my question on this are:
1. In the Profit and Loss table on page 34 of the IM, I can’t see an associated shift in rental income at year 3/2027, how much are you planning to discount? (It also doesn’t seem evident in the graph on page 35) Is this first 3-year discount accounted for in the return calculations presented?
2. How confident are you that businesses that meet the ethos of the development will also be able to pay fully commercial rentals? eg. in the risks it says that “(Ūkaipō) are currently working on developing a business plan to meet bank requirements”. As the pre-selected anchor tennant, can you provide more specific commentary on the ability of their business to absorb the expected rental cost?
3. How specifically are the rental rates for the retail and restaurant spaces benchmarked to rents on London street?
4. Are you able to provide any more sensitivity analysis/scenarios to illustrate the impacts on returns if the forecast annual rental incomes in the IM cannot be achieved, and/or the target sale values of the apartments cannot be reached?
Then, on the design
a. There doesn’t seem to be much in terms of trees and greenery in the design. Have you explored all options for integrating nature-based solutions?
b. I don’t see any provision for solar PV and/or central heating in either the design concept or business model? Have these been considered and/or could they still be included? Energy supply to the building occupants could become an additional revenue stream to the long-term business
Kia ora Tim and thank you for each of your questions. I appreciate the depth of detail that you have gone to and you are on point with all of our major risks. Property development is a high risk investment.
Financial:
1. For the first three years of operations (our Settling In phase), tenants will be supported through reduced rents. These discounts are recorded under our operating expenses as rental rebates and are forecast to be $50,000 in FY2024, $40,000 in FY2025 and $10,000 in FY2026. Without those rebates, returns would be higher in FY2025 and FY2026.
2. This is a risk like every other property development. The approach that we have taken is that I am working with Chelita to develop her business plan. Chelita has a number of business mentors and is part of a network of Maori healing practitioners, all of whom own their own businesses. Many of those healing practitioners will practice from Ūkaipō.
3. You can find the comparable rental rates for London Street retail and restaurant spaces in the JLL report which we’ve added to the Details tab on the PledgeMe campaign page.
4. We believe that the rental rates that we have used in our financial model are conservative. However, if we experience unexpected economic shocks that reduce rental income, the returns to investors will be lower. If we don’t pre-sell 70% to 80% of the apartments, we will not be able to access bank loans to build the building. This is a risk that we are very aware of.
Design:
a. We have placed planter boxes throughout on the ground, first, second floors and rooftop.
b. The roof will have the ability to accommodate solar panels. We have not designed the heating system yet. That is to come in the next design phase. It is our intention to provide an energy efficient system that meets a high standard for resident’s and tenant’s wellbeing and comfort while being within the construction budget.
Kindly,
Camia
Answered on 08-10-2020 by Camia
What are the investor perks suggested but not spelled out? Front of queue for choosing an apartment?
Posted on 05-10-2020 by Charles WeddThanks for your question, Charles. Shareholders won't have first choice on the apartments. The investor perk that we are giving to all shareholders - no matter the size of their investment - is full voting rights. If you are interested in the apartments, I can put you in touch with our real estate agent, Bayleys.
Kindly,
Camia
Answered on 05-10-2020 by Camia
There is a slight discrepancy between the pre-money valuation listed on Pledgeme website and the IM. Which amount is correct?
Posted on 23-09-2020 by CristianThanks for spotting that $2,320 difference, Cristian. I can confirm that the IM is correct. We'll update the figure on the PledgeMe page so that it reflects the correct figure of $1,222,560 (10,188 shares at $120 each).
Answered on 23-09-2020 by Camia
Hi,
Can you please explain more about the effect of and need for the founder shares being entitled to appoint 4 of the 5 directors?
From the IM, there are only 2 entities that own founder shares, and they will own less than 11% of the company (yet, be entitled to appoint a supermajority of directors)
From the information in the IM and the constitution, even with a maximum raise, the 'crowd' would only own 74% and therefore be unable to change the constitution (because it would be a special resolution and require 75% of shareholders to vote in favour) to remove or amend this clause to have directorship more accurately represent ownership.
Are you likely to change this, or convert the founder shares to investor shares in the near future?
Thanks for your question, Scott.
Collett's Corner will move through two distinct phases: the development phase which we're currently in and the operating phase which begins when the doors of the building open in 2023. For the development phase, Ohu and I - as those responsble for delivering the development - wanted to ensure that the appointed directors have the necessary skills to see the build through to completion, whilst at the same time achieving shareholder representation.
The constitution allows for the founding shareholders to pass the power of appointing all directors to the investor shareholders and the intention is to do that once we reach the operating phase.
Answered on 23-09-2020 by Camia
How high above sea level is the site for the building? Has sea level rise been considered, keeping in mind that property values will plummet in some areas as people become aware of future problems from sea level rise. Thanks
Posted on 22-09-2020 by Terry WoodsKia ora Terry, the site is 27.5m above sea level (on average) so we'll be fine. We'll be helping out others living on lower land in our community before we need to consider our building.
Kindly,
Camia
Answered on 23-09-2020 by Camia
Followers of Collett's Corner
11/12/2020 at 2:40pm
11/12/2020 at 2:32pm
10/12/2020 at 1:54pm
29/10/2020 at 6:59pm
29/10/2020 at 6:59pm
29/10/2020 at 6:53pm
29/10/2020 at 6:49pm
"The Fitzgerald whanau believes wellbeing centers are the epicenter of humanities change."
29/10/2020 at 6:47pm
"🥨"
29/10/2020 at 6:45pm
29/10/2020 at 6:39pm
29/10/2020 at 6:38pm
29/10/2020 at 6:18pm
29/10/2020 at 6:12pm
"Kia kaha Camia!"
29/10/2020 at 6:09pm
29/10/2020 at 5:58pm
29/10/2020 at 5:36pm
29/10/2020 at 4:34pm
29/10/2020 at 4:29pm
29/10/2020 at 4:21pm
29/10/2020 at 4:12pm
29/10/2020 at 3:58pm
29/10/2020 at 3:58pm
29/10/2020 at 3:57pm
29/10/2020 at 3:38pm
29/10/2020 at 3:29pm
29/10/2020 at 3:25pm
29/10/2020 at 3:13pm
29/10/2020 at 3:00pm
"I invest in property shares overseas on a weekly basis and welcome the opportunity to invest in my own back yard. "
29/10/2020 at 2:54pm
"I am looking forward to see this vacant site developed will be a great asset for the town."
29/10/2020 at 2:50pm
"My email is [email protected]"
I want to embed this investment somewhere