Novus Advances: Expanding Melbourne’s Build-to-Rent Horizon

In an ambitious leap forward, Novus, a pioneering build-to-rent developer, is on the brink of a transformative phase with the unveiling of its newest residential tower in Melbourne and a keen eye on expanding its portfolio in the forthcoming year. This marks a significant milestone for Novus as it strides confidently into a future poised for exponential growth within the burgeoning build-to-rent sector.

Located at 2 Bowen Crescent, Melbourne, the recently acquired 1864sq m site heralds a new chapter for Novus. The acquisition, facilitated through an off-market deal, came with a planning permit, expediting the project’s commencement. With the City of Port Phillip Council’s approval of a revised scheme by Rothelowman in February, the project is tailored to meet the evolving needs of the community, featuring 215 meticulously designed apartments.

Adam Hirst, the Chief Executive of Novus, shared insights with The Urban Developer, highlighting the strategic shift from build-to-sell to build-to-rent as a testament to the developer’s innovative approach. Novus’s commitment to embracing permit-approved sites underscores its strategy to streamline the planning process, ensuring a swift transition from conception to construction.

The imminent demolition marks the commencement of construction for Novus’s fifth build-to-rent tower, with the first Melbourne tower, Novus on Sturt, nearing completion. The absence of a builder contract at this stage hints at a meticulously planned approach, emphasizing quality and strategic alignment with the right partners.

As Novus anticipates approval for its significant development, Novus on Harris in Parramatta, the team is expanding in preparation for the operational phase of its inaugural tower. This development reflects 18 months of diligent planning to establish the Novus operational platform, setting a new benchmark for the build-to-rent community. With leasing to commence in June, residents are expected to move in from September, marking a new era of residential living.

Adjacent to the Melbourne Metro Anzac Station, the Novus on Bowen site offers unparalleled access to major employment, education, and healthcare precincts, redefining convenience and connectivity for its residents. The unique location underscores the strategic vision of Novus, promising a lifestyle infused with ease and accessibility.

The forthcoming 18-storey tower, Novus on Bowen, is a testament to Novus’s commitment to excellence, featuring a diverse mix of apartments designed to cater to a broad spectrum of residents. With a focus on convenience, health, and wellness, the development boasts an array of amenities, including a gymnasium, indoor pool, wellness area, steam room, ice plunge, and a rooftop terrace with breathtaking views.

Committed to sustainability, Novus aims for a 7-star NatHERS rating and operational net zero emissions, underscoring its dedication to environmental stewardship and operational efficiency.

As Novus embarks on this exciting journey, its vision for the future of build-to-rent living is clear. With innovative developments like Novus on Bowen, Novus is not just constructing buildings; it’s crafting communities, setting new standards for living spaces, and inspiring careers in the construction industry. This bold step forward is a beacon of growth and innovation, heralding a promising future for Novus and the build-to-rent sector at large.