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27 Nov 2023

Novus Revelas Design for Built to Rent Tower in Chatswood

Novus Revelas Design for Built to Rent Tower in Chatswood

Novus, the build-to-rent developer and operator, is making significant strides in the Sydney market. Their latest project, Novus on Albert, is a remarkable 30-storey tower designed by RotheLowman.

In addition to this venture, Novus is further expanding its presence in Chatswood. They have acquired another site located at 410-416 Victoria Avenue, where they plan to develop an additional 257 build-to-rent apartments. This demonstrates Novus' commitment to meeting the growing demand for high-quality rental housing in the area.

“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.”

According to Goldsworthy, the CEO of Novus, the two projects in Chatswood are expected to progress simultaneously, with the Victoria Avenue site anticipated to be approximately six months behind Novus on Albert in terms of development timeline.

In addition to these Chatswood projects, Novus is eagerly awaiting the approval of their development application for their inaugural build-to-rent project in Parramatta, marking their first venture in Sydney. This project holds great significance for Novus as they expand their presence into new areas of the city.

“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 emphasised that Novus' acquisition strategy revolves around the connectivity of public transportation and the availability of amenities. Their upcoming project, Novus on Albert, will feature a diverse range of apartments, including studio, one-bedroom, two-bedroom, and three-bedroom units, with a particular emphasis on two-bedroom layouts.

He further highlighted the project's advantageous location, situated within important school catchment areas and in close proximity to Macquarie Park. As a result, they anticipate that families and students will comprise a significant portion of the building's residents.

The Novus on Albert development places a strong emphasis on wellness, offering a flexible space gym, pool, sauna, ice bath, co-working facilities, and pet-friendly living arrangements. Additionally, the project aims to achieve a notable 7-star NatHERS energy efficiency rating and a 5-star Green Star certification, underscoring Novus' commitment to sustainability and environmental responsibility.

Goldsworthy expressed the intention to commence construction in Chatswood in early 2025, pending the submission of detailed designs early next year and subsequent approval processes.


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