The consortium comprises Kanden Realty & Development (Kanden); Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN); and Cosmos Initia (Cosmos). The venture marks Kanden’s second investment in a Novus BTR project in Australia, and the first BTR investment for both JOIN and Cosmos.
Novus CEO Adam Hirst said the Consortium's investment reflects strong conviction from Japanese capital in Australia's BTR sector, and continued confidence in the growing Novus Platform.
“Novus on Forest marks our fourth addition to the Sydney skyline and our first campus-style building, allowing us to showcase a mid-rise product typology within the portfolio.
“Our mid-scale strategy has been proven in practice across both New South Wales and Victoria, and continues to gain traction with institutional capital, both onshore and offshore, as our company scales.
“We are very proud to partner with Kanden for a second time; and are delighted to have both JOIN and Cosmos on the journey for their first investment in Australian BTR.
Kanden Director Masaki Toyooka said this investment reflects the company's commitment to supporting sustainable housing and strengthening partnerships between Japan and Australia.
“We are delighted to continue our partnership with Novus through this project. We were particularly attracted to its strong environmental credentials and are pleased to collaborate with Novus, JOIN and Cosmos on this important development.”
Cosmos Australia Holdings Managing Director Keisuke Muraoka said; “We have been strategically expanding our presence in Sydney's Build-to-Sell (BTS) market. Entering our first Build-to-Rent (BTR) project marks a significant milestone for us, and we are delighted to contribute to the housing supply in a market driven by steadily increasing population growth. Furthermore, we are fully confident in our strong partnership with Novus, Kanden, and JOIN."
Novus on Forest will comprise 310 purpose-designed BTR apartments across 5 buildings, ranging from 6-9 storeys. The campus-style development includes a mix of studio, one-, two- and three- bedroom residences set across a sprawling 11,450sqm site, complimented by more than 3,750sqm of communal open and green space.
The development was designed with convenience, health & wellness as priorities, offering future residents ~1,300sqm of indoor amenity including a pool, hot and cold therapies, gym, yoga studio, private dining, co-working spaces, an indoor and outdoor gym, children’s playground, pet park and rooftop barbecues and terraces.
Novus on Forest is located on the doorstep of the Epping Metro station, providing direct access to the CBD in under 25 minutes, with services running every 4 minutes during peak times. The development will also provide a convenient public thoroughfare connecting the east Epping community through to the Epping Town Centre.
Designed by PTW Architects, the project brings together the defining qualities of Epping’s heritage and its emerging future within a richly landscaped setting. High-quality masonry and finely crafted detailing draw inspiration from the area’s historic homes, reinterpreted through a confident and sophisticated architectural expression. Sculptural in form and enduring in character, the development will deliver exceptional amenity and contemporary living standards while contributing positively to the evolving identity of this civic precinct.
The building’s environmental credentials will target an average 7-star NatHERs rating; a certified 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 provisioned for EV charging; rooftop solar; and a rainwater tank. Additionally, 30% of the site will be dedicated to green space, including the planting of over 150 new trees as part of a native landscaping exercise.
Builder Versatile Construction (Versatile), part of Versatile Group, was awarded the Build Contract, its second with Novus following a successful and continued partnership on Novus on Harris in Parramatta.
Fabrizio Perilli, Managing Director of Versatile Group, said: “Our second project with Novus builds on a working relationship shaped by trust and a shared focus on delivering high-quality projects. That trust anchors Versatile Construction’s promise of delivering tomorrow’s places with certainty.
“On this project, Versatile Construction will draw on the broader capability of Versatile Group, with construction, procurement and specialist trades involved from the start. This gives us better control over cost, quality and programme, and helps us deliver places that add to housing supply while also contributing positively to the communities around them.”
Cushman & Wakefield’s Josh Cullen and Louise Burke alongside Jarden’s Mitchell Schauer facilitated the establishment of the consortium.
The site was acquired in an off-market transaction via Simon and Jordan Elcham of Arra Facilitations for an undisclosed amount from vendor Austino. The site was purchased with an existing Build-to-Sell development approval in place and underwent a significant and thoughtful redesign to tailor its use for the BTR asset class.
A spokesperson from Austino said; “We took this site through to an approved scheme because we believed it could deliver something lasting for Epping, and Novus has taken it further than a build-to-sell outcome would have. Their redesign for Build-to-Rent, and the calibre of capital they have brought alongside it, is the best available result for the site and for the community around it. Working with the Novus team has been constructive and straightforward from first contact through to settlement. With Novus on Forest in good hands, the sale allows Austino to focus on its stage 2 development at Sydney Olympic Park.”
Early works are officially underway, with construction formally commencing in September 2026.
