This article is from the Australian Property Journal archive
PARRAMATTA’S supply of build-to-rent housing is set to increase after Novus and M&G Real Estate lodged a development application for a new apartment tower.
A State Significant Development application has been lodged for Novus on Harris in Parramatta.
Novus on Harris has been designed by Rothelowman in collaboration with Think Planners.
The designs feature a mix of studios, one, two or three-bedroom apartments.
It will offer a better way of living in Parramatta’s Park Precinct, providing a range of high-quality amenities such as rooftop lounges and dining, dedicated work from home suites and a range of wellness facilities.
The announcement of Novus on Harris lodging their application follows news this week that Gurner and Qualitas’ BTR precinct has been approved for planning in the Western Sydney city.
The Parramatta edition of GQ’s Multifamily Build-to-Rent platform became the first application to be approved in NSW under the government’s new BTR State Significant Acceleration pathway.
The addition of more BTR buildings to Parramatta will help address the ongoing issue of supply in not just the area, but the country as a whole.
Australia has suffered from a severe lack of supply in recent years and it’s continuing in a concerning trend. Gurner founder and director Tim Gurner addressed this yesterday.
“Sydney, and Australia more broadly, are heading towards a material undersupply with no solution in sight. State and Federal Government must work hand in hand with the industry to work out how they deal with this ongoing crisis before affordability is out of reach to the majority.”
Qualitas global head of real estate and co-founder Mark Fischer supported Gurner’s comments.
“Australia has one the fastest growing populations of the developed world, forecast to rise by 12.8 percent between now and 2031 and build-to-rent is a critical solution to address supply shortage.”