Plans to build hundreds of build-to-rent apartments across two developments proposed for Sydney’s north have moved a step closer as the emerging sector gains pace amid Australia’s housing supply turmoil.
The proposals by listed property giant Stockland and private build-to-rent developer Novus comprise a total of almost 900 apartments.
The NSW Department of Planning and Environment has issued project-specific requirements to the developers to move forward with their plans.
Environmental impact statements are now required to be prepared by the developers to enable them to lodge their applications for the state significant developments.
Stockland’s build-to-rent curtain-raiser is part of revised plans for the second stage of its large-scale M_Park life sciences and technology mixed-use precinct spanning a 2.74ha Delhi Road site at Macquarie Park.
The Triniti Lighthouse build-to-rent project is earmarked for the vacant 1ha southern portion of the site previously approved for an office-focused campus with a net lettable area of 32,000 square metres.
It is next to Stockland’s Triniti Business Park, the $450-million first stage of its M_Park development occupied by a range of blue chip tenants.
According to the documents submitted to the NSW Planning Department, the 54,352sq m residential component will comprise up to 659 build-to-rent apartments across three mixed-use towers above a shared podium with residents’ facilities—including communal landscaped areas, a common basement, ground plane public domain spaces and about 2000sq m of retail area.
“We are in the early phase of developing a mixed-use precinct in close proximity to North Ryde Metro station,” a Stockland spokesperson said.
“The proposal, if approved, will enhance land use on the currently vacant site by delivering build-to-rent and retail as well as lifestyle amenities alongside our existing Triniti Business Park office buildings.
“We will continue to work with City of Ryde, the NSW Department of Planning and Environment and the community as we progress along the planning pathway.”
Meanwhile, Novus is pushing ahead with plans for a 32-storey mixed-use development on a site at the corner the Pacific Highway and Albert Avenue, Chatswood.
The documents indicate the Novus on Albert proposal will comprise 220 build-to-rent apartments above ground-floor retail, two basement carparking levels and communal amenities on level 2 and 29.
BCI records indicate the estimated construction cost for the 17,000sq m development is $75 million.
Novus is a joint venture between former Mirvac executives Adam Hirst and Jason Goldsworthy and David Southon and Daniel Wise’s Aliro Group. The partnership has identified an immediate pipeline of about $1 billion in projects to be delivered in Sydney and Melbourne.
It is also moving forward with plans to develop its debut Sydney project, a $200-million 34-storey mixed-use tower on a 1448sq m site at Hassall Street, Paramatta.
The Rothelowman-designed tower will include 204 build-to-rent apartments atop a three-level podium with communal amenities, retail and commercial space.
Novus, backed by M & G Real Estate, acquired the Parramatta site last year for about $33 million, following its maiden development breaking ground on a 173-apartment project at Melbourne’s Southbank.
It recently expanded its holdings in the Victorian capital, acquiring a South Melbounre site with an approval in place for an 18-level, 214-apartment development.
The developer plans to modify the existing build-to-sell approval plans with a proposal for a build-to-rent asset comprising 212 apartments and a wellness-based communal amenities offering, targeting a 7-star NatHERS rating with an all-electric building powered by renewable energy.
