Nova Castle Investments Pty Ltd, a property developer in Melbourne, has secured US$60 million (~A$91M) from an overseas philanthropic organisation to drive the development of sustainable and affordable housing. This funding will support two primary initiatives:

  1. Retirement Village: Aiming to address the shortage of retirement living options, this project will provide 160 Individual Living Units (ILUs) valued at about A$55 million. Revenue streams will include profits from the construction and sale of ILUs, enterprise revenue from rollover events, and the sale of the property after a ten-year period.
  2. Retrofitting Existing Dwellings: The company will purchase and upgrade older apartment buildings to meet higher energy and water efficiency standards. Enhancements will include the installation of double-glazed windows, LED lighting, and rainwater tanks, significantly reducing residents’ operating costs.

Nova Castle Investments will create a portfolio comprising 50% affordable rental accommodation and 50% homes for sale. The company’s operations align with the United Nations Sustainable Development Goals, through their own work as well as their commitment to donate 10-20% of profits to charities that address the following Sustainable Development Goals (SDGs):

  • SDG 1 – No Poverty
  • SDG 3 – Good Health & Wellbeing
  • SDG 4 – Quality Education
  • SDG 7 – Affordable and Clean Energy
  • SDG 8 – Decent Work and Economic Growth
  • SDG 9 – Industry, Innovation and Infrastructure
  • SDG 11 – Sustainable Cities and Communities

Why Is This Work Important?

The Australian housing crisis stems from a complex mix of inadequate government planning, escalating construction and land costs, and high interest rates. These factors have led to severe rental stress, increased homelessness, and significant impacts on mental health and well-being nationwide.

The Team

Nova Castle’s leadership brings 57 years of combined experience in property development, having overseen projects with a total development cost of over A$330 million. This depth of expertise ensures project execution and innovation.

Seeking Capital Partners

Nova Castle seeks a capital partner to provide an additional US$10.3 million (~A$15.7M). This investment targets an annualised return of 20%, net of fees and donations, over a 10-year period. This contribution will leverage the secured philanthropic funding and allow projects to commence within this financial year, promising significant and lasting community impact.

Get Involved

If you are interested in this opportunity to create affordable, sustainable, and inclusive housing, please contact Dionne Payn at or call +61 401 440 083.

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