Vision for the future

The $113m crowdfunding campaign to secure the last vacant block of land in Mt Barker’s CBD and develop it into a town square is an exciting venture but with many significant hurdles to overcome.
The Mt Barker and District Residents’ Association hopes it can drive enough interest from both local and overseas investors to secure the millions to create what Mt Barker so clearly needs.
But the land’s owner – retail giant Woolworths – has indicated it is yet to determine whether the parcel, bordered by Hutchinson Street and Druids Avenue, will even hit the market, and if it does, what price it will ask.
It’s also possible Woolworths could accept a higher offer from another party with a vision for the square that is different to that of architect Geof Nairn, who hopes to see a boutique hotel, and apartments built on the site.
But the fact that the residents’ association has turned the seed of an idea into action is a strong start.
The company managing the investment scheme – DomaCom – is a reputable investment firm which has already drawn $80m from investors towards the purchase of the Kidman cattle stations in outback Australia.
Hopefully DomaCom’s success will carry on in the heart of Mt Barker.
The Federal, State or local governments are unlikely to solely fund this town square project, leaving crowdfunding as the most promising way of achieving this vision.
But even if the investment scheme fails, Mr Nairn’s town square design has largely done its job … it has generated interest and enthusiasm.
The residents’ association has proven it cares for its town’s ambience and the livelihood and wellbeing of its people.
There is no ulterior motive at play.
And if the doubts come creeping in, one only has to look at Carey Gully’s high profile squatter Iain Herridge who received two last-minute donations to clear nearly $40,000 in outstanding council rates, stalling his possible eviction from an old cottage on Rangeview Road.
While drawing $113m in today’s economic climate is a much tougher assignment, it only takes one willing investor to turn the plans into reality.

1 Comment on "Vision for the future"

  1. Gitchy (Tony Giordano) | June 2, 2016 at 8:19 am |

    Hello from an expat in Italy. Did Mt Barker need this kind o’ thing ?

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