Novus, a new entrant to the Australian Build-To-Rent sector, has acquired land in Parramatta in western Sydney for its second BTR project and its first in NSW.

Novus on Harris, located at the corner of Harris and Hassall Streets, is in the planning phase and is likely to compete with more than 50 retirement villages in Parramatta and surrounding areas as well as offering rental accommodation to other demographics.

According to Novus Chief Development Officer Jason Goldsworthy, the project will be located in the geographical heart of Sydney, which is seeing significant investment in culture, services and infrastructure.

“Sourced off-market, this location benefits from a combination of favourable real estate fundamentals, strong resident demographics and attractive site-specific characteristics." he said.

“With the design competition underway, we look forward to working with the City of Parramatta and NSW Department of Planning and Environment to deliver a purpose designed build to rent offering into the Parramatta market.”

Novus has another project already under construction, dubbed “Novus on Sturt”, in Melbourne. The BTR firm is a newcomer, having been founded by former Mirvac executives in conjunction with Aliro Group in May last year.