Build to Rent developer, owner and operator Novus, alongside M&G Real Estate, have officially opened their flagship Build to Rent development – Novus on Sturt – in Melbourne.
The news follows the scheme topping out in April, with the construction milestone following years of hard work on design, approvals and sector specific challenges.
A ceremonial ribbon cutting marked the building’s official opening. It was led by Novus Co-Founders Adam Hirst and Jason Goldsworthy and M&G Real Estate’s Head of Australia, Alex Banzic, in front of an audience of key contributors to the project.
Leasing of the highly anticipated development is now in full swing, with viewings open seven days a week.
‘’We are delighted to see the Novus on Sturt project reach this next phase, representing a key milestone in our collaboration with Novus.
“This development is a testament to our shared vision of creating high-quality, sustainable living environments that meet the evolving needs of Melbourne’s communities. Seeing the early success and positive reception from new residents speaks to the strength of this offering.
“At M&G Real Estate, we see tremendous potential in the living sector, both globally and here in Australia. Melbourne, with its dynamic urban growth, offers the perfect environment for projects like Novus on Sturt.
“We are committed to this vibrant region and to Australia and are confident that well-designed, sustainable residential developments will be key in addressing housing demand and providing stable, long-term returns for our investors.”
Alex Banzic, Head of Australia, M&G Real Estate
Novus on Sturt was designed by architecture firm Rothelowman and was built by construction company Hamilton Marino.
Situated in Melbourne’s Cultural Arts Precinct in Southbank, the scheme includes 163 homes in a mix of studios, one-, two-, three-bedroom apartments.
Residents benefit from no upfront bond, flexible lease terms, amenities, a commercial studio space and ground floor retail.
The Novus on Sturt Build to Rent development has been created with a focus on sustainability, convenience, wellness and exceptional service.
“Our core mission is to create homes for 10,000 people and this is the first step in us achieving that goal.
“Through our continued partnership with M&G Real Estate we are in the process of delivering a further two projects with a total of over 600 homes across the eastern seaboard with our Parramatta project already under construction.”
Adam Hirst, CEO, Novus
Novus on Sturt is one of three Build to Rent schemes being undertaken by the Novus Build to Rent Trust.
M&G Real Estate is the majority owner, and Novus is the co-owner, developing and operating partner for the trust.
The other two developments undertaken by the Trust are Novus on Harris in Parramatta, which secured planning in early May, and Novus on Albert in Chatswood.
“Many hands make light work and it’s incredibly rewarding to see our first residents embrace Novus on Sturt.
“We’ve been overwhelmed by leasing interest after such a short time in market, and with several residents now moved in, it’s a real testament to our product offering – especially at a time in Melbourne when Build to Rent stock is prominent in the market.”
Jason Goldsworthy, CDO, Novus
