This article is from the Australian Property Journal archive
ANOTHER Parramatta build-to-rent project has been approved in Novus and M&G Real Estate’s $250 million, Novus on Harris.
With project approval in place, Novus, alongside its project partner M&G Real Estate (M&G) have also announced the appointment of builder Versatile Construction to deliver the project.
The $250 million development in the Parramatta CBD, situated on one of the last remaining Robin Thomas Reserve frontages, will include more than 200 purpose-built rental apartments across 34 levels, including a mix of studios, one-, two- and three-bedrooms residents.
The 1,448sqm Hassel Street site snapped up in 2022 via an off-market transaction managed by Savills.
“Following a rigorous process via a State Significant pathway that involved working alongside the NSW Department of Planning, Housing and Infrastructure, City of Parramatta, and Government Architect NSW, we are extremely pleased with the outcome and can’t wait to get started on this monumental BTR project for Western Sydney,” said Adam Hirst, CEO at Novus.
“The project provides a massive injection into the local economy with the creation of 240+ jobs during construction, and a further 60 ongoing jobs once in operation.”
M&G is the 95% majority owner of the development with Novus as the developing and operating partner, just like Novus on Sturt and Novus on Albert projects.
‘’Novus on Harris is poised to redefine standards for the Build-to-Rent sector in Australia, addressing the pressing need for rental accommodations and contributing significantly to the economic and social fabric of Western Sydney,” said Richard van den Berg, fund manager at M&G Real Estate’s flagship core Asia Pacific property strategy.
“Our investment in this project underscores M&G Real Estate’s dedication to making impactful contributions that extend beyond financial returns, enhancing community well-being and delivering value to our investors.’’
“As we prepare for the opening of our first BTR project with M&G, Novus on Sturt, in Melbourne’s Arts Precinct later this year, the timing of the approval couldn’t be better in helping to maintain momentum as we push forward with our growing portfolio along the Eastern seaboard of Australia, while promoting the burgeoning sector more broadly,” added Hirst.
Construction of Novus on Harris is set to commence in Q2 2024 with completion estimated for 2027.
“With construction set to commence in the coming months, Versatile Construction achieving contract close for this project represents a great achievement and milestone for our business. We look forward to bringing project certainty to Novus, our valued project partners,” said Fabrizio Perilli, managing director at Versatile Group.
