A project to house the needs of a school community on one site has been a dream at Marist College, Pagewood.

Now, the dream has become a reality. The school has built the Hermitage - a centre that will help house sporting, hospitality and performing arts needs in one venue.

At the blessing and opening, principal Damien Millar told the gathering of hundreds of students, parents, local politicians and clergy that the Hermitage was "a realisation of a dream that started in 2003."

"It allows our hospitality students to remain on site in a full commercial kitchen; it gives our basketball team a decent facility to train in, regardless of the weather; and the stage allows us to have concerts, performing arts evenings and presentations," he said.

"It's a wonderful venue and a great credit to the Marist College community."

The $2.65 million centre includes a basketball court, a hospitality kitchen, change rooms, a stage and foyer.

Br Kelvin Canavan, Executive Director of Sydney Catholic schools said that this multi-million dollar project would be paid off by parents through a 20-year loan.

"Some of the students here today may be contributing to the loan repayment in the years ahead when they marry and send their children to this local school!" he joked.

The NSW Government will assist in servicing the debt under the interest subsidy scheme, which could amount to almost $1.6 million over the life of the loan.

College Captain Scott Dalby says he is looking forward to sitting his HSC exams in the one venue and hosting College Basketball games.