Build to Rent platform Novus, alongside its project partner M&G Real Estate (M&G), announce the Project Approval and appointment of builder Versatile Construction for their next landmark development – Novus on Harris.
The $250m scheme in the Parramatta CBD is situated on one of the last remaining Robin Thomas Reserve frontages with never to be built out views back to the Sydney CBD.
The 1,448sqm Hassall Street parcel was purchased in 2022 in an off-market transaction facilitated 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 Build to Rent project for Western Sydney. 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.
“As we prepare for the opening of our first Build to Rent 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.
“Closer to home, we’re preparing for the imminent lodgement of another State Significant Development Application following the conclusion of a Design Excellence Competition for our forthcoming Chatswood project with M&G, Novus on Albert, where we’re hoping for the same successful collaboration between Council and State for a further ~200 Build to Rent apartments.
“Today’s announcement that Versatile Construction will be delivering Novus on Harris is a significant one and we are thrilled to be working alongside their very accomplished team to bring the project to life.”
Adam Hirst, CEO, Novus
Novus on Harris will deliver over 200 rental apartments across 34 levels in a mix of studios, one-, two- and three-bedroom homes, alongside residential amenities and nearby transport links.
“We are deeply encouraged to see the Novus on Harris project move into its next stage. This development stands as a key milestone in our collaborative journey with Novus, showcasing our shared vision, and our belief in the potential of the Parramatta region as a dynamic hub for residential growth. It also highlights our strategic commitment to fostering sustainable and high-quality living environments.
“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. 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.’’
Richard van den Berg, Fund Manager of the flagship core Asia Pacific property strategy, M&G Real Estate
Construction of the highly anticipated Build to Rent development is set to start 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.”
Fabrizio Perilli, Managing Director, Versatile Group
Novus on Harris is one of the three Build to Rent projects where M&G is the 95% majority owner, with Novus as the developing and operating partner. The other two projects are Novus on Sturt and Novus on Albert.
