Novus, in partnership with M&G Real Estate, has marked the official topping out of its Novus on Sturt Build-to-Rent project in Melbourne’s Southbank, officiated by Deputy Lord Mayor Nicholas Reece.
Hamilton Marino Builders began construction of the purpose built 163-apartment development in 2022, comprising studio, one-, two- and three-bedroom homes as well as a ground floor retail offering – with construction on track to complete in Q3 this year.
Novus on Sturt provides a welcome addition of rental stock to the Melbourne market and comes at a strategic time in the cycle, with record low vacancies, surging demand and diminishing supply placing pressure on renters.
Novus Chief Development Officer and Co-Founder Jason Goldsworthy said the construction milestone follows years of hard work on design, approvals and sector specific challenges.
“As Novus’ first operational asset, we couldn’t be more proud to bring our product to the market later this year and see firsthand how it is embraced by our residents.
“After years of crafting a unique offering, Novus on Sturt will exemplify our points of difference in the Build-to-Rent space and puts us firmly on track to achieving our mission of creating homes for 10,000 people,” Mr Goldsworthy said.
Deputy Lord Mayor Nicholas Reece said he was pleased to see the construction milestone achieved for what will be an exciting addition to Southbank, located in the heart of the Cultural Arts Precinct.
“Melbourne is Australia's largest city - and our population boom shows no signs of slowing. Projects such as Novus on Sturt will help us accommodate more residents and address rental supply challenges.
“We’ve seen a spike in migration with more people choosing to live in Melbourne, thanks to our global ranking as one of the most liveable cities in the world. So the timing on this project could not be better,” Cr Reece said.
Hamilton Marino Builders Director Matt Green said the topping out marked an important achievement.
“The top out of Novus on Sturt marks a significant milestone in our commitment to delivering high-quality living spaces to the vibrant community of Southbank.
“We're proud to contribute to the growth of Melbourne's rental market and provide residents with modern, comfortable homes in this sought-after location,” Mr Green said.
Leasing of the highly anticipated development is set to commence next month, with Novus welcoming its first residents’ home in October.
