Build-to-rent developer Novus is poised for exponential growth as it unveils its latest residential tower and plans for further acquisitions in the year ahead.
The 1864sq m site at 2 Bowen Crescent, Melbourne was acquired in an off-market deal with a planning permit in place that settled late last week.
The revised scheme for 215 apartments by Rothelowman was approved by the City of Port Phillip Council in February this year, to make the project fit for purpose.
Novus chief executive Adam Hirst told The Urban Developer it was the developer’s fifth build-to-rent tower, with topping out on its first Melbourne tower, Novus on Sturt, due next month.
“We went through with a modification between signing the deal and settlement to convert it from build-to-sell to build-to-rent,” he said.
Hirst said the group had an appetite for permit-approved sites because it “compresses the timeframe in planning”.
“We will be commencing demolition in the next couple of weeks and construction will start later this year … there’s no builder contract yet,” he said.
“We try to acquire four a year because some will have faster planning and some will have a longer time in planning phase, it just depends on what and where it is.”
The group is on tenterhooks waiting for approval for its state significant development, Novus on Harris, a 200-plus apartment build-to-rent tower in Parramatta.
It has also been growing its team in preparation for the developer’s first tower coming on line.
Hirst said it had taken 18 months to develop the Novus operational platform for the developer’s first build-to-rent community, which is due to begin leasing in June, with residents slated to move in from September.
Demolition of the multi-storey carpark at the Novus on Bowen site was due to begin in the coming weeks, Hirst said.
“The site is truly one-of-a-kind, adjacent to the soon-to-be-completed Melbourne Metro Anzac Station, providing direct access to major employment, education and health care precincts, every 4 minutes,” he said.
The off-market deal put together by Walter Occhiuto of Dawkins + Occhiuto was for an undisclosed sum, but according to CoreLogic data, the site was previously sold for $12.25 million in 2007.
The 18-storey tower would comprise a mixture of studio, one, two, three and four-bedroom apartments, with convenience, health and wellness bedded into its design.
Novus on Bowen will include a gymnasium, indoor pool, wellness area, steam room and ice plunge as well as a rooftop terrace with views to Albert Park and the Domain.
The developer is targeting 7-star NatHERS rating and operational net zero emissions for the tower’s ongoing cost and energy efficiency.
