M&G to develop second Australian residential site in New South Wales

M&G Real Estate Asia has acquired a 1,448-square-meter (15,586-square-foot) site in the City of Parramatta, a major metropolitan area 19 kilometers (12 miles) west of Sydney’s central business district for A$33 million ($23.4 million) for the development of a 33-story residential building. The acquisition was made on behalf of the $7.1 billion M&G Asia Property Fund.

It is the firm’s second deal with Novus, a developer, owner and operator of multifamily assets, following the announcement of a strategic partnership to develop a portfolio of multifamily properties in some of Australia’s key cities, with a focus on Melbourne and Sydney.

The development is on the eastern fringe of Parramatta’s central business district, minutes from Parramatta’s train station and the future Macquarie Street light-rail stop. The property will provide 195 state-of-the-art homes, and will include an array of commercial, retail, health and wellness amenities for the communit