Novus on Spencer will comprise 190 purpose-designed BTR apartments over 19 levels and include a mix of studio, one-, two-, three- and four-bedroom residences. The development was designed with convenience, health & wellness as priorities, offering future residents ~1,500sqm of indoor and outdoor amenity including a full-line gym, pool, wellness area with sauna/steam room and ice plunge, co-working, a variety of dedicated resident spaces and ground floor retail.
Designed by Plus Architecture, the project’s striking design retains and celebrates the site's heritage through adaptive reuse by preserving significant key elements from its former life as a bakery, including the original facade, chimneys and historic brick ovens. A refined, minimalist tower rises above the preserved bakery, its clean material palette creates a visual emphasis on the site's historical character.
Novus on Spencer is situated within walking distance of both the CBD and Queen Victoria Market and enjoys front door access to tram and train connecting residents to all of Melbourne.
The building’s environmental credentials will target an average 7-star NatHERs; 5 Star Green Star rating; net zero emissions during operations; be an all-electric building; allow for generation of renewable energy on site; employ green electricity via a building embedded network; all parking will be future-proofed for EV charging and will include rooftop solar panels and a rainwater tank.
Novus CEO Adam Hirst said Novus on Spencer represented enormous confidence in Australia’s flourishing BTR sector.
“Novus on Spencer marks our third addition to the Melbourne skyline and we are delighted to see this offering come to the market in late 2027, providing much needed supply to the apartment market at a time where it has never been more important.
“Following the success of our first operational asset in Melbourne, which reached 98% occupancy in under six months, we can see the tangible significance of the BTR model in the market.
“The customer response to our mid-scale approach has been strong and Novus on Spencer will continue to evolve and solidify this strategy.
“We are very proud to be working alongside one of Japan’s leading Institutional Investment groups, Kanden, a company with a shared vision of a sustainable future.
“Novus on Spencer represents Kanden's first direct investment into the Australian BTR market and we are excited about opportunities to grow the relationship further in the future,” said Hirst.
Kanden spokesperson Director Masaki Toyooka said Novus on Spencer will play a significant role in addressing the social issue of housing shortages.
“We believe that Novus on Spencer is uniquely equipped to meet the growing expectations for the Build-to-Rent (BTR) market, driven by the strong demand in Melbourne.”
“Recognising Novus' proven expertise and strong potential, we are honored to partner with the company on our first direct investment project in the Build-to-Rent (BTR) market.”
Cushman & Wakefield’s Josh Cullen and Louise Burke facilitated Kanden’s introduction to Novus and said the deal was representative of surging interest from global capital in the Australian BTR sector.
The site was acquired in an off-market transaction enabled by Cushman & Wakefield’s Oliver Hay and Daniel Wolman for an undisclosed amount. The site was purchased with an existing planning permit in place following a redesign to tailor its use for BTR.
Vendor Peter Lofitis, Managing Director of Lofts Property said Novus was well positioned to hit the ground running.
“We’re proud to have strategically repositioned this property as a Build-to-Rent asset and delivered it to Novus, a market leader in the sector. With their proven track record and commitment to quality, they are the ideal group to take this project forward. We look forward to seeing it realised as a landmark project of unrepeatable scale in West Melbourne,” said Lofitis.
The Build Contract was awarded to Hamilton Marino Builders and demolition is now underway onsite.
