Novus Group are pleased to announce the acquisition of 39 -43 Hassall Street, Parramatta - the second acquisition for the Novus Build to Rent Trust in partnership with M&G Real Estate.
The development of a 33-storey build-to-rent building, on behalf of M&G Asia Pacific Fund, is positioned on a corner site (Hassall St and Harris St) and fronts Robin Thomas Reserve. Novus on Harris will provide future residents with never to be built out park views back to the Sydney CBD with amenity and transport at their doorstep. Upon completion, the property is anticipated to comprise of 195 residential units, and include an array of commercial, retail, health and wellness amenities for the community.
At the geographical centre of Sydney, Parramatta continues to see significant investment occurring in transport, education, health, culture, retail and commercial infrastructure.
“Novus on Harris demonstrates our strategic approach to origination. Sourced off-market, this location benefits from a combination of favourable real estate fundamentals, strong resident demographics and attractive site-specific characteristics. With the design competition underway, we look forward to working with the City of Parramatta and NSW Department of Planning and Environment to deliver a purpose designed build to rent offering into the Parramatta market” said Novus Chief Development Officer, Jason Goldsworthy.
The project is targeting a 7-star NatHERS rating, will be an all-electric building, enabling a net zero future and will meet the Parramatta city’s best practices for environmental and water standards. Environmental features will include solar PV panels, energy efficient appliances, rainwater harvesting and on site-reuse and integrated smart monitoring systems. Construction is due to start in 2023.
Richard van den Berg, Fund Manager, M&G Asia Pacific Fund comments, “This is our second acquisition in the build to rent sector in Australia. This transaction is line with our strategy to increase and diversify our allocation in multifamily residential sector, as well as to improve on the average age of our portfolio of assets. We are delighted to expand on our partnership with Novus to access well-located sites for the development of high quality residential buildings.”
