Build-to-rent platform Novus, in partnership with a Japanese investment consortium, has commenced development of Novus on Forest, a 310-unit project in Sydney.
The consortium includes Kanden Realty & Development, Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and Cosmos Initia. The investment marks Kanden’s second investment in a Novus build-to-rent project in Australia and the first Australian build-to-rent investment for JOIN and Cosmos.
“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,” said Adam Hirst, CEO of Novus.
The development, located at 2–16 Epping Road and 2–4 Forest Grove in Epping, Australia, will comprise 310 apartments across five buildings ranging from six to nine stories
