I'm not the only one to have this idea in our fine town. Here are links to a couple of other organisations that we would like to work with (as opposed to compete with, as there's plenty of room for all of us!).
The Open Hub - a coworking space in Queen Street, Melbourne.
Jelly, Melbourne - Not a space as such, but a group that gets together every second Friday to cowork. I haven't been to meet them yet, but plan to.
Donkey Wheel (site not currently live) - a great organisation that I was recently introduced to. They are a philanthropic organisation that recently bought a huge building in Bourke Street and have lots of interesting ideas for the space, including a coworking area based primarily around non-profit and community organisations. They can be contacted at: [info at donkeywheel dot org]