Novus, in partnership with M&G Real Estate (M&G), has announced the project approval and the appointment of builder Versatile Construction for the Novus on Harris project, in the Parramatta CBD.
The $250 million development, situated on a prime 1,448 square metre parcel on Hassall Street, features over 200 purpose-built rental apartments across 34 levels, offering never-to-be-built views back to the Sydney CBD.
Novus CEO Adam Hirst said: “We are extremely pleased with the outcome and can’t wait to get started on this monumental BTR project for Western Sydney.”
He added that the project would provide a significant economic boost, creating over 240 jobs during construction and 60 ongoing jobs once operational.
The project’s approval comes at a strategic time, addressing the increasing demand for rental properties in Parramatta amidst record-low vacancies and diminishing supply.
Richard van den Berg, Fund Manager of M&G Real Estate’s flagship core Asia Pacific property strategy, said: “Novus on Harris is poised to redefine standards for the Build-to-Rent sector in Australia.”
Fabrizio Perilli, Managing Director of Versatile Group, said: “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.”
Construction is set to commence in the second quarter of 2024, with completion estimated for 2027, marking a significant step forward in addressing the critical shortage of housing in Greater Sydney.
The development is part of three build-to-rent (BTR) projects where M&G is the majority owner with Novus as the developing and operating partner, including Novus on Sturt and Novus on Albert.
