Novus Sticks with Builder for Next BtR Tower

Developer Novus has appointed a builder for its build-to-rent project at South Melbourne. Hamilton Marino has been selected for the 18-storey project on a 1864sq m site at 2 Bowen Crescent, 3.6km south of the CBD. Novus chief development officer Jason Goldsworthy told The Urban Developer this was not the first time they had teamed with the builder. “Hamilton Marino is completing our first build-to-rent project in Melbourne, which is around the corner on Sturt Street,” Goldsworthy said. “That project completes in about four weeks and it just made a hell of a lot of sense to roll the same team and the same builder into that project as they are very close by.” Novus acquired the permit-approved site in March, 2024 for an undisclosed sum. The site had previously changed hands in 2007 for $12.25 million, CoreLogic property records show. Approval for the project was granted by the City of Port Phillip council in February, 2024. Plans for the tower include 215 apartments in a mix of studio, one, two, three and four-bedroom apartments. Architects Rothelowman designed the plans. Amenities include a gym, indoor pool, wellness area, sauna and steam room and an ice plunge pool. The ground floor will have retail space and there will be a terrace on the rooftop with views of the Domain and Albert Park. The project, Novus on Bowen, is aiming for a 7-star NatHERS rating, net-zero emissions during operations and will be all-electric. It will also generate renewable energy onsite, use a building embedded network for green electricity and all parking will have electric-vehicle-charging capabilities. ▲ A render of the indoor pool at Novus on Bowen. The site is close to the newly completed Anzac Station , part of the Metro Tunnel rail project, which is due to open next year. Novus secured a debt facility with Barings to raise the funds for the construction of Novus on Bowen, which was facilitated by CBRE Debt and Structured Finance. It will be the developer’s fifth build-to-rent project. Construction is expected to start this year before an estimated completion in 2026. Novus recently topped out its Novus on Sturt project. The first tenants are due to move into Novus on Sturt in the first week of October. The developer’s other Victorian projects include Novus on Albert and Novus on Victoria, both of which are in the planning process. Novus also has a project in Parramatta in NSW under construction, Novus on Harris. Other projects under way in South Melbourne include PDG’s Boyd Village, Gurner’s project at the corner of Bowen’s Crescent and Kings Way, Local’s next build-to-rent project and Gamuda Land’s The Canopy build-to-sell project, both at Normanby Road. Goldsworthy said the reasons for build-to-rent in South Melbourne were ample. “It’s the transportation links and its proximity back into the CBD, as well as access to open space and non-discretionary retail—so South Melbourne has all the ingredients for a desirable place to live,” Goldsworthy said. “You are seeing a hive of activity but despite that ... the reality is that we’re so undersupplied in housing product. “So, if you’ve been able to weather the storm and been able to deliver product—as long as it’s good quality product—it’s going to be well received in the market because there is such a pent-up demand for good quality rental products.”

Novus Sticks with Builder for Next BtR Tower

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