Build to rent in Parramatta

“Parramatta is the first of many projects we will deliver to Sydney as record demand and growth continues to underpin the performance of one of the strongest markets in Australia.”

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Mark Fischer, Global Head of Real Estate and co-founder of Qualitas, said that the first project to be approved under the government’s new acceleration path “is a milestone not only for the GQ platform, but also the beginning of the possibilities of Programs of this nature help meet our major cities’ goals of accommodating a growing population.”

“Based on analysis conducted by the GQ platform of other global property markets, we have long believed that Australia’s gateway cities would benefit from planning frameworks that encourage the timely delivery of rental housing offers,” said Fischer.

Charter Keck analysts said that the BTR apartments market in Sydney is developing rapidly, with four projects (1,200 BTR apartments) completed and another five projects (1,000 BTR apartments) currently under construction and expected to be completed between 2023 and 2024 should.

In Melbourne, the analysts said that four projects (1,700 BTR apartments) were also completed in 2022 and another seven projects (2,240 BTR apartments) are currently under construction and expected to be completed between 2023 and 2024.

Novus, in partnership with M&G Real Estate, also recently filed a US$450 million state application for significant development for Novus on Harris at 39-43 Hassall Street in Parramatta. Designed by Rothelowman, the Novus on Harris features 200 units in a mix of studio, one, two and three bedroom apartments.

It is a joint venture between former Mirvac executives Adam Hirst and Jason Goldsworthy and Aliro Group of David Southon and Daniel Wise, backed by UK-based M&G Group, and has become a major player in the field .