Novus on Spencer Build-to-Rent Project

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Novus, a build-to-rent developer, has secured backing from Kanden Realty & Development, the property arm of the Kansai Electric Power Group, to build a $200 million build-to-rent facility in central Melbourne. The project, known as Novus on Spencer, is located in West Melbourne on the fringe of the CBD and will comprise 190 apartments over 19 levels, including a mix of studio, one-, two-, three-, and four-bedroom units. The development will feature amenities such as a gym, pool, wellness area with sauna/steam room and ice plunge, and coworking space. The site was purchased from Lofts Property and comes with a planning permit after redesign for rental use. The project focuses on mid-scale buildings of 150 to 350 units, aiming for quicker delivery and reduced development risk.