CONSTRUCTION has topped out at Novus and M&G Real Estate’s Novus on Sturt build-to-rent project in Melbourne’s Southbank.
Hamilton Marino Builders began construction on the flagship project in 2022, with the official topping out officiated by deputy lord mayor Nicholas Reece.
“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,” said Reece.
“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.”
The 163-apartment development in Southbank, around 1km out of the CBD, comprises studio, one-, two- and three-bedroom homes on top of a ground floor retail component, which is scheduled to be completed in Q3.
“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,” Jason Goldsworthy, co-founder and chief development officer at Novus.
“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.”
Melbourne’s apartment market became increasingly unfeasible throughout 2023, with just 2,600 apartments launched, the lowest level since 2009 and down 60% on 2022. There were just 7,600 apartment completions over the year, down 6.8%, and well below the 10-year average of 13,500 per annum.
“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,” said Matt Green, director at Hamilton Marino Builders.
“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.”
Leasing is set to commence next month with Novus welcoming the first residents’ to Novus on Sturt in October.
