An exciting, world-class, unique retirement development – funded by CDF – is coming soon to Melbourne’s East.
St Clare, on Studley Park Road in Kew, will offer a new standard of living for over 55’s and retirees within 102 premium apartments across the historical site. Thanks to a substantial $185m loan from CDF,
Villa Maria Catholic Homes (VMCH) will breathe new life into the long-held 1.4ha site and meet critical demand for retirement housing options across the $200m project.
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The precinct, which has been used to-date by VMCH for a variety of services, will make way for the residential dwellings in several multi-level structures, including the restoration of three historic buildings, a café and community garden all integrated with state-of-the-art sustainability features and infrastructure.
Not only will St Clare help address the needs of a rapidly ageing population in Melbourne, but the expansive development will also help generate capital to fund ongoing mission-based projects for some of Victoria’s most vulnerable, including affordable housing and specialist disability housing.
“We have a long history with this site and the Kew community,” says VMCH Chief Executive Officer Sonya Smart. “This project will form the next part of our history in allowing the people of Kew and surrounds to age-in-place at the centre of the community they know and love.
"Not only will this project continue VMCH’s legacy with [this] site, but the proceeds will financially support the continued delivery of mission-based activities including our specialist aged care services, disability accommodation and affordable housing portfolios.”
“We believe this project will be unlike anything delivered in the retirement living space in Australia”
Sonya Smart, CEO, VMCH
VMCH currently offers affordable homes to more than 430 older people on low incomes and people with disability across 21 communities. They are committed to creating genuine places of belonging through service and compassion for all aged, disadvantages and people with disabilities.
Taking its name from Clare of Assisi, Patron Saint and original follower of St Francis, the St Clare site is set to open its doors in 2026.
For more information visit the St Clare Website.
To help CDF continue to meet strong loan demand from the Catholic community, you too can put your faith in action and save for a greater reward than money alone. Not only will you earn a competitive rate of interest, but your savings will assist organisations like VMCH to continue the work the Gospel calls on them to do.
Learn more and apply today.
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CDPF Limited, a company established by the Australian Catholic Bishops Conference, has indemnified the Catholic Development Fund ABN 15 274 943 760 (the Fund) against any liability arising out of a claim by investors in the Fund. In practice, this means your investment is backed by the assets of the Catholic Archdiocese of Melbourne. The Fund is required by law to make the following disclosure. Investment in the Fund is only intended to attract investors whose primary purpose for making their investment is to support the charitable purposes of the Fund. Investors’ funds will be used to generate a return to the Fund that will be applied to further the charitable works of the Archdiocese of Melbourne and the Dioceses of Sale and Bunbury. The Fund is not prudentially supervised by the Australian Prudential Regulation Authority nor has it been examined or approved by the Australian Securities and Investments Commission (ASIC). An investor in the Fund will not receive the benefit of the financial claims scheme or the depositor protection provisions in the Banking Act 1959 (Cth). The investments that the Fund offers are not subject to the usual protections for investors under the Corporations Act (Cth) or regulation by ASIC. Investors may be unable to get some or all of their money back when the investor expects or at all and investments in the Fund are not comparable to investments with banks, finance companies or fund managers. The Fund’s identification statement may be viewed here or by contacting the Fund. The Fund does not hold an Australian Financial Services Licence.
