Developer Novus, in partnership with Korea Investment & Securities Co. Real Asset (KIRA), Hyundai Engineering & Construction Co and Korea Overseas Infrastructure & Urban Development Corporation (KIND), has launched a new venture to deliver the Novus on Victoria Build to Rent development in Sydney’s Chatswood.
In March, Novus secured State Significant Development Approval (SSDA) for the scheme. Designed by Fender Katsalidis, Novus on Victoria will deliver 260 one- to three-bedroom apartments across six levels.
“Chatswood is thriving as one of Sydney’s most well-connected neighbourhood’s; however with a vacancy rate of just 0.9%, the demand for quality rental living in the area is clear.
“We are proud to be working alongside, KIRA, Hyundai and KIND, whose long-term outlook and shared conviction in the Build to Rent sector make them ideal partners for this project.”
Adam Hirst, CEO, Novus
The over 1,000 sqm of dedicated resident amenities include dedicated wellness podium level with gym, pool, sauna, steam, ice plunge, outdoor terrace and pet park, a mid-rise outdoor BBQ terrace and sporting area, and penthouse level amenities made up of resident lounges, co-working space and private dining – all offering stunning views across Sydney and beyond.
“We are delighted to partner with Novus, Hyundai E&C and KIND on Novus on Victoria. This transaction is an important foundation for KIRA’s long-term commitment to the Australian Build to Rent market.
“Beyond this landmark project, we are actively engaged with Novus on multiple additional opportunities across Australia’s key rental markets.
“We are committed to establishing KIRA as a significant investor in the Australian Build to Rent sector for years to come, and to partnering with best-in-class operators like Novus to deliver exceptional outcomes for residents and investors alike.”
Yong Hee Kwon, Consortium Representative, KIRA
Situated on the doorstep of Chatswood Mall, Westfield and the Transport Interchange, the scheme boasts direct connectivity with the nearby metro, trains and buses. Other major lifestyle and retail precincts include Chatswood Chase, the Concourse Arts Precinct, and several public open spaces and schools within easy reach.
