Builder appointed on highly anticipated Parramatta BTR project

Development

Builder appointed on highly anticipated Parramatta BTR project

NOVUS and M&G real estate receive green light and announce building appointment on highly anticipated Parramatta BTR project

Chelsey Blount / 2 May, 2024

Leading Build-to-Rent (BTR) platform, Novus, alongside its project partner M&G Real Estate (M&G) have today announced the Project Approval and appointment of builder Versatile Construction, for their next landmark project – Novus on Harris.

The $250 million development in the Parramatta CBD, situated on one of the last remaining Robin Thomas Reserve frontages with never to be built out views back to the Sydney CBD, was purchased the 1,448sq m Hassall Street parcel in 2022 in an off-market transaction facilitated by Savills. This development is one of the three BTR projects where M&G is the 95% majority owner with Novus as the developing and operating partner. The other two projects being Novus on Sturt and Novus on Albert.

Novus on Harris features over 200 purpose-built rental apartments across 34 levels containing a mix of studios, one-, two- and three-bedroom homes, alongside ample resident amenity and extensive transport links at its doorstep.

The project provides a welcome addition of rental stock to the Parramatta market and comes at a strategic time in the cycle, with record low vacancies, surging demand and diminishing supply placing pressure on renters.

Novus CEO, Adam Hirst, said Novus on Harris was years in the making and would become a landmark BTR development in Parramatta.

“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.

“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 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.

“Closer to home, we’re preparing for the imminent lodgment 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 BTR 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.” Fund Manager of M&G Real Estate’s flagship core Asia Pacific property strategy, Richard van den Berg, said they were extremely pleased to see the project progressing into the next phase.

‘’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.’’

Fabrizio Perilli, Managing Director of Versatile Group, commented, “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.”

Construction of the highly anticipated development is set to commence in Q2 2024 with completion estimated for 2027.

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