Novus has filed plans to convert a DA-approved residential project in a north-west Sydney suburb to build-to-rent.
The specialist build-to-rent operator proposal is now before the City of Parramatta and seeks to to modify existing plans for the site that were approved in 2021 by the Land and Environment Court.
Those plans, by former site owners Austino Epping 2 Pty Ltd, were for five 5-to-8-storey residential buildings on the site at 2-16 Epping Road and 2-4 Forest Grove, Epping.
The approved plans comprised 244 units for the build-to-sell market.
However, the site was taken to market in 2023. Novus acquired the site for an undisclosed sum.
It has modified the proposal “to accommodate the needs of the [build-to-rent] residents”, given that the existing proposal was geared towards build-to-sell buyers.
The developer said that revisions that needed to be made included decreased car parking to 122 spaces.
It is wanted to add more communal and facilities that “respond to a [build-to-rent] community clientele”, such as a pool, gym, wellness facilities including a yoga studio, and parcel collection.
The modification adds dozens of units to the project, bringing it to 310 apartments by internal reconfigurations.
Modest amendments were also made to the facade including a brick base and a “more regular building form,” it said, although it will look similar.
The modifications also improve the east-to-west pedestrian interlinkage by enlarging the thoroughfare.
Novus’s modification application said it would support “a variety of uses and housing types that serve the needs of its population and its aspirations as a strategic centre”.
The proposal also aligns with “principles of urban consolidation which seek to ensure the efficient use of community infrastructure by providing higher density development at strategic locations,” it said.
Novus expects the revised proposal to provide a mix of smaller homes to “suit the needs of future residents as well as significantly improved quantum and amenity of communal spaces”.
The developer expects it will attract young professionals, which it said will help the council to “achieve its vision for a vibrant, active and highly amenable centre”.
The site is in the Epping local centre has has a total site area of 11,450sq m. It is 200m from Epping train and Metro station.
Novus undertook its first foray into the Sydney build-to-rent market at Parramatta, acquiring 39-43 Hassall Street in partnership with M&G Real Estate in 2022 to develop a 33-storey build-to-rent tower.
It filed plans the next year for its $200-million tower on the site.
