How Hackett shops survived their landlord exit

When the long-time landlord of the Hackett shops announced plans to sell to a Sydney-based fund, residents had nine weeks to find an alternative. The news of the potential sale to an interstate investment firm sparked immediate concern for the future character of the small local precinct, which serves as a vital social hub for people living in the inner north suburb.

A race against time

A community syndicate organised through the Hackett Residents Association raised $1.4 million from 217 households, settling the purchase on 28 May. The nine week window required a rapid mobilisation of funds, with families and neighbours pooling resources to ensure that the neighbourhood's central meeting place remained in local hands rather than being absorbed into a corporate portfolio.

The successful acquisition means that the bakery, bookstore and Vietnamese kitchen all stay. These businesses are a staple of daily life in the suburb, providing more than just goods and services; they occupy the village green strip that acts as the heart of the community. Because the locals are now the landlords, these tenants no longer face the uncertainty that often comes with a change in commercial ownership.

Under the new lease structure, locally-owned businesses receive a 12 per cent rent discount. This financial incentive is designed to ensure the businesses remain viable and can continue to offer high quality service without the pressure of Sydney-market rental hikes. It marks a shift towards a more sustainable economic model where the success of the shopkeepers is directly linked to the support of the residents.

How the syndicate works

Convenor Sarah Whittle says half a dozen other small shopping strips across north Canberra have been in touch to learn the model. The Hackett approach has become a blueprint for suburban preservation, proving that when a community is sufficiently organised, it can compete with institutional investors to protect the spaces that matter most to them.

The strength of the project lies in the number of participants. With 217 households involved, the ownership is widely distributed, meaning no single investor holds total control over the strip. This democratic approach ensures that the shopping centre remains focused on serving the needs of the people who live nearby rather than chasing maximum profit margins at any cost.

What this means for shoppers

For visitors and locals, the shopping strip will continue to operate with the same familiar faces. Those heading to the bookstore for a Saturday afternoon browse or the Vietnamese kitchen for dinner can do so knowing that their patronage directly supports a community-owned asset. The atmosphere remains quintessentially Canberra, maintaining its relaxed and neighbourly feel.

The village green area is particularly important for Hackett residents as a place for informal gatherings. By securing the physical real estate, the syndicate has effectively protected the social fabric of the suburb. It allows for a level of security that few small business owners enjoy, knowing that their landlord is actually the customer base they serve every day.

Getting involved

For those interested in how these community syndicates are formed, the Hackett Residents Association has become a valuable resource for other Canberra suburbs facing similar transitions. As more people look for ways to keep local economies alive, the success of this $1.4 million buy-in serves as a powerful example of what is possible when neighbours collaborate.

While the immediate threat of a corporate buyout has passed, the work of the syndicate continues as they manage the properties. This ongoing involvement ensures that any future decisions regarding the village green will be made with the long-term interests of Hackett residents at the forefront, keeping the inner north local and independent.