The consortium comprises Korea Investment & Securities Co. Real Asset (KIRA), Hyundai E&C (Hyundai) and Korea Overseas Infrastructure & Urban Development Corporation (KIND). The venture, known as The Victoria Delivery Joint Venture, marks the Consortium’s first investment into both Australia and the Australian Build-to-Rent sector.
Novus CEO Adam Hirst said the planned delivery of Novus on Victoria was in direct response to the surging demand for quality BTR living in New South Wales.
“Novus on Victoria marks another significant step in our mission to build homes for 10,000 Australians.
“Chatswood is thriving as one of Sydney’s most well-connected neighbourhood’s; however with a vacancy rate of just 0.9% the demand for quality rental living in the area is clear.
“As the acute need for rental supply continues to grow across Australia, so too does our commitment to raising the standard of what BTR can deliver.
“We are proud to be working alongside, KIRA, Hyundai and KIND, whose long-term outlook and shared conviction in the BTR sector make them ideal partners for this project,” said Hirst.
A consortium representative from KIRA, Yonghee Kwon, said;
"We are delighted to partner with Novus, Hyundai E&C and KIND on Novus on Victoria, which marks our first investment in Australia and in the Australian Build-to-Rent sector. This transaction is an important foundation for KIRA's long-term commitment to the Australian BTR market.
We were drawn to Novus by the strength of its vertically integrated platform and the calibre of its team. Beyond this landmark project, we are actively engaged with Novus on multiple additional opportunities across Australia's key rental markets. We are committed to establishing KIRA as a significant investor in the Australian BTR sector for years to come, and to partnering with best-in-class operators like Novus to deliver exceptional outcomes for residents and investors alike."
Cushman & Wakefield’s Josh Cullen and Louise Burke; and Ethos Bridge Partners’ Daniel Kim and Luke Doo Hwan Lee, facilitated the group’s introduction to Novus and said the deal was representative of surging interest from global capital in the Australian BTR sector.
Josh Cullen commented on the milestone transaction, saying, “The Consortium’s investment demonstrates the continued conviction of North Asian capital in Australia’s Build-to-Rent sector.
“Raising capital for the BTR sector remains highly competitive and Cushman & Wakefield were proud to be part of this process with Novus.”
“The transaction demonstrates the underlying strength of the Novus platform to obtain sites like Chatswood and combine with new capital partners,” said Cullen.
Novus on Victoria will comprise 260 purpose-designed BTR apartments over 46 levels, offering a curated mix of studio, one-, two-, and three-bedroom residences. Designed with convenience, and wellness at its core, the development offers future residents ~1,850 sqm of indoor and outdoor amenity including a full-line gym, podium-level pool, BBQ areas, wellness area with sauna/cold plunge, dog run and washing facilities, co-working, a variety of dedicated resident spaces and ground floor retail.
Designed by Fender Katsalidis, Novus on Victoria received planning approval in March 2026 via the NSW Government’s State Significant Development Approval pathway.
Novus on Victoria, will be located adjacent to the Chatswood Interchange and in the heart of one of Sydney’s premier retail and lifestyle precincts, within walking distance of schools, shopping, and dining, and just 10 minutes from the CBD.
The building is targeting a 5-Star Green Star rating and will be fully electric. It has been designed to maximise natural daylight and winter sun while minimising summer heat gain, and will feature energy-efficient lighting, heat pump technology for domestic hot water, a rooftop photovoltaic system, and water- and energy-efficient appliances throughout.
The site was secured in an off-market transaction enabled by Savills Johnathan Broome and Stuart Cox for an undisclosed amount.
Sydney based Northern Star Investments was an early partner with Novus in developing the concept and provided support during the DA process, including generating community support for the project.
Gary Flowers, Chairman of Northern Star Investments, said the DA process was made seamless with the help of the Novus Development team.
“On behalf of the vendor we are thrilled with the outcome and as a long-term Chatswood property holder, are delighted to be associated with a quality development project in Chatswood and look forward to seeing Novus on Victoria come out of the ground.”
The project is on track to commence construction in early 2027.
