Build-to-rent developer and operator Novus is forging ahead with its plans to corner the Sydney market, revealing the RotheLowman designed 30-storey tower Novus on Albert.
The group also revealed it’s doubling down in Chatswood with another site at 410-416 Victoria Avenue comprising an additional 257 build-to-rent apartments.
“We like Chatswood, and it really makes a lot of sense for build-to-rent,” Novus chief development officer Jason Goldsworthy said.
“[It has] transport connectivity, as well as the existing amenity for retail, open space and entertainment.”
Goldsworthy said the two Chatswood projects would likely run concurrently, with the Victoria Avenue site about six months behind Novus on Albert.
The developer is also awaiting development application approval for its Parramatta build-to-rent project, its first in Sydney.
“It’s incredibly hard to make build-to-rent work in Sydney,” Goldsworthy said.
“You can’t get it to work in mixed use residential zoning, it’s too expensive.
“The way we’ve been able to get it to work is utilising the pathways that enable build-to-rent in E2 (commercial core) zoning. You’ve got to look outside the 15km CBD radius in Sydney … you just have to think differently.”
Goldsworthy said their acquisition strategy centred on public transport connectivity and amenity. The Novus on Albert project will comprise a mix of studio, one, two and three-bedroom apartments, with a skew to two-bedroom formats.
He said the tower was within some key school catchment areas and near to Macquarie Park, and they anticipated families and students would make up a good proportion of the residents.
The project has a focus on wellness with a flexi-space gym, pool, sauna, ice bath, co-working and pet-friendly living on offer. The building will also be targeting a 7-star NatHERS rating, and a 5-star Green Star certification.
Goldsworthy said they were hoping to put shovels to dirt in Chatswood in early 2025 subject to detailed designs being filed early next year and subsequent approvals.
RotheLoman principal Ben Pomroy said they were looking forward to collaborating with the developer again, after teaming up on its Parramatta project.
“We are looking forward to another successful collaboration with Novus, a client whose principles match those of our own: creating homes that are focused on quality, and that set in place the foundations for a strong local focused community,” Pomroy said.
“Our design Vision for Novus on Albert was founded upon creating a new residential address that would embrace the layers of history of the past and the place, whilst delivering high quality living into the future.
“Built-to-Rent offers an opportunity for Architects to innovate in design approach to high density living, and how architecture can make positive impact through focusing on a generous eye for life in our cities.”
While Novus has grappled with delays in the project planning phase, the developer had a number of sites under control, and was actively looking at the Adelaide market.
“We’ve been focused on Melbourne and Sydney predominantly but we are also looking at other markets. [We] are big advocates of Adelaide for build-to-rent, and Sentinel is already there,” Goldsworthy said.
“The South Australian government is making all the right noises, and with the education and healthcare precincts there, we think it has the right ingredients for build-to-rent.
“Development is dynamic, every day can throw up a different challenge, but we get a team together early on and having all the great design, build and consultant minds in one room helps to [get clear on costings].”
Novus will file a detailed design for Novus on Albert in the first quarter of 2024 as it continues to pad out its significant build-to-rent portfolio. The developer is also fine-tuning its operational arm for its first project, Novus on Sturt, which is due to complete next year.
