Cbus Super, a community housing provider, two property developers and Development Victoria joined forces to help tackle the housing crisis in Victoria.
In early 2021, we provided a debt facility to the property developers to finance the construction of a new high rise social and affordable apartment complex in Parkville, Melbourne. The structure, terms and conditions of the construction facility offered an attractive risk return for our members.
Construction commenced in September 2021 and was completed in August 2023. The 16-storey (basement and ground level through to level 14) residential apartment block contains 96 one-bedroom and 55 two-bedroom units.
The property is now owned by a community housing provider who has advised that the apartments, which are intended to be operated in perpetuity as social housing, are already home to 210 adults and children. Residents benefit from strong links to public transport, parklands, employment precincts and a wide range of public and private services, including shops, schools, hospitals and places of worship.
This project is a great example of how government, the private sector, not-for-profit community housing sectors and superannuation funds can work together to address societal challenges and the housing crisis.