An independent bookshop is asking residents to invest £300,000 in an ambitious plan to buy a mystery building in a town centre and transform it into a community arts hub.

Alton’s Goldfinch Books has unveiled a £655,000 project to create a permanent home featuring an expanded bookshop, café, bar, performance space and community facilities.

The business hopes to raise £300,000 through a community share offer, with the remaining £355,000 coming from grants.

Although the location of the proposed building has not been revealed, owner Gary Clark says the bookshop could have the keys by the end of the year if fundraising is successful.

"The new premises would be owned by the community, for the community, forever," he said.

Goldfinch, which opened in November 2022, has become a popular fixture of Alton High Street, hosting more than 800 events including author talks, live music, book clubs and community meetings.

But rising costs and the prospect of continuing to pay rent to a landlord have prompted a radical rethink of its future.

In July, the business became a Community Benefit Society, meaning it now operates for the benefit of the community rather than private shareholders.

The next step is to buy its own premises, removing the threat of future rent increases while creating a permanent cultural venue for the town.

Gary said: "We have several reasons for transitioning to a Community Benefit Society, but ultimately it's about ensuring Goldfinch provides the maximum benefit to the community we exist to support.

"When we started this bookshop in 2022 we knew we wanted to be a safe space for everyone to come and enjoy the books that they love, but we had no idea how warmly welcomed - and much-needed - we would be by the entire community."

The proposed building would include a bookshop, café, bar, events venue, workspace and garden, potentially featuring an outdoor community kitchen.

Goldfinch has already secured £110,000 from 14 early investors, known as Pathfinders, including customers, authors and community organisations.

Now it is inviting residents to invest between £100 and £30,000 through crowdfunding.

Investors would become members of the Goldfinch Community, with voting rights at annual general meetings and in elections to the board of directors.

Gary said: "We're asking people to invest in a business they believe in, a space that fosters inclusion and connection, debate and discovery, around a beating heart of literature and the arts - with all profits going back into the community instead of being siphoned off by unseen landlords."

The bookshop hopes to complete the purchase before Christmas, although Gary acknowledged the deal was not guaranteed.

"If we raise sufficient funds, we will proceed - and we could have the keys by the end of the year," he said.

"If this building falls through and/or we think another site could work, we can hold on to shareholder funds for 12 months and keep pursuing our goal.

"If we have not been able to move forward 12 months after closing the share issue, funds will be returned to shareholders, less a platform fee."

The project has already attracted support from the Alton Jane Austen Group, which organises the town's annual Regency Week.

The group said: "We share a common goal of providing events programmes which bring people into Alton town centre, and which ultimately build a financial reserve we can put back into local projects and local people."

Author Claire Fuller has also backed the appeal.

"I'm so excited and proud to be a part of the Goldfinch Community project," she said. "What a wonderful opportunity to make a change."

Investors are being offered a range of incentives, from having their names inscribed on a founders' wall to writing workshops, private events and an intimate performance by Grammy-nominated singer-songwriter Richard Walters.

Gary believes the project could help secure the future of Alton's cultural life while bringing more people into the town centre.

"Talking to our customers, it's clear we all want our kids and grandkids to read, create, talk and argue together, disagree and come to compromises in real life, not on an online platform curated and controlled by billionaires," he said.

"Third spaces play an essential role in bringing people from all different walks of life together in one safe, inclusive space."

The community share offer runs until December.

More information is available through the Goldfinch Books website, while investments can be made through its Crowdfunder appeal.