First look exclusive: Billionaire James Packer's Melbourne apartment play revealed
James Packer is one of Australia's most well-known billionaires.
The former Crown Resorts chair spends most of his time nowadays overseas sailing around the world on his $200 million super yacht IJE. When in Australia he calls home his $72 million, two-level spread toward the top of Crown's Barangaroo tower.
Packer's interests however seem to have broadened recently and into more modest property development compared to those vested interests in the $2.2 billion Barangaroo tower.
Packer's name has popped up on company directorships that tie him to a new $32 million apartment development in Melbourne's leafy suburb of Balwyn, a suburb where new apartment developments are a dime a dozen.
A tangled web of investors shows Packer's Consolidated Press International Holdings Limited investment vehicle as the ultimate holding company for Sharland Holdings, which shows an interest in the entity NPG MALEELA PTY LTD, the name on the development application.
The project is expected to be developed by Chapter Group, with the Lefkos family name in the directorships of the main company.
Parts of the web involve businessman Joe Gersh AM, Executive Chairman of Gersh Investment Partners, and his Director and Chief Operations Officer Theo Axarlis. Crown's former executive vice-president for strategy and development, Todd Nisbet, also appears on the paper trail.
NPG MALEELA PTY LTD company filed the plans for 31 apartments on the 3,862 sqm site at 23 Maleela Avenue, just set back from Whitehorse Road between Balwyn and Deepdene.
Cera Stribley has put together plans, recently submitted to the Boroondara Council, for the low-rise, four-level building which will have a near 60-metre frontage to Maleela Avenue.
The plans for 23 Maleela Avenue. Image credit Cera Stribley
There will be 31 apartments across the four levels, 10 two-beds and 21 three-beds, of which 18 have completely different floorplans.
The two-bed apartments start from 114 sqm and range in size up to 140 sqm, while the smallest three-bedroom apartments have 150 sqm of internal space. They step up toward the three penthouses which have been 310 sqm and 361 sqm of space, each with three master suite bedrooms and two living rooms.
The documents submitted by Cera Stribley stated they wanted to capture elements of Balwyn and distil them into the project to create a unique yet familiar design starting point.
The current site in Balwyn
"There is high demand from home buyers for a diverse range of housing in the established premium suburbs such as Balwyn," Cera Stribley said.
"In order to satisfy this need for housing diversity and allow for more families to have access to such a coveted location, there are numerous developments built and emerging in the wider context of Balwyn.
They said a study of the housing character within Maleela Avenue showcased an eclectic catalogue of Australian homes in styles not limited to Georgian Revival, Moderne and Tudor Revival.
"The proposed articulation of the building form is in response to the surrounding architectural heritage homes found in the Street and wider suburb. The north and south of the building along Maleela respond directly to the adjacent residential architecture. At the south, the building sits atop the highest point and grounds the proposal into the site. A break is introduced into the facade at the main pedestrian entry and the building form then changes to introduce long horizontal planes which flow down towards the northern end of the site."
The building will sit in landscaping by Jack Merlo.
Chapter Group were in the headlines recently for setting the Fitzroy apartment record with the sale of an amalgamated penthouse at their Fitzroy Fitzroy development for over $10 million.
Read more: Confidence in Melbourne's off the plan apartment market soars with record $10 million Fitzroy sale