James Packer to redevelop ex-Melbourne nursing home
A consortium majority owned by billionaire James Packer and former Crown Resorts colleague, Todd Nisbet, has applied to replace a former nursing home in Balwyn’s leafy Reid Estate with luxury apartments.
The pair, with businessmen, Joe Gersh, who quit the ABC board last year, and Theo Axarlis, co-owners of NPG Maleela Pty Ltd, are planning to spend $32 million building the three level complex with 31 oversized units and 74 car parks (artist’s impression, top).
The partners agreed to buy the 3731 sqm holding, 23 Maleela Avenue, from Brookfield Asset Management controlled Aveo, following a speculated $13.3 million off-market deal mid-last year; with a triple storey Georgian replica, the property recently ceased trading as Balwyn Manor, accommodating 77 residents.
Cera Stribley penned the replacement, now with the City of Boroondara for review.
If approved, Prahran based Chapter Group, led by ex-Goldman Sachs director Dean Lefkos, will be the public face to develop it.
Packer builds Victorian development pipeline
Ten of the proposed apartments will contain two bedrooms and two bathrooms.
Eighteen are designed with three bedrooms; four are earmarked for a lower ground level.
The balance (three) units have four bedrooms and three bathrooms (story continues below).
Each dwelling has a courtyard or terrace, from 16-153 sqm.
The ground floor will also feature a 262 sqm resident lounge and 96 sqm communal courtyard.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat with NSL Property Group’s Guy Naselli acted or Aveo.
Mr Packer, Mr Nisbet, Crown Resorts executive vice chairman and Mr Gersh, who established and directs Gersh Investment Partners, via another company, are also proposing a $50m affordable housing project north of Geelong.
Branded Edenville Corio, and being developed in stages (the first two which have sold out off the plan), that development will contain 108 dwellings, 48 being flats.
Mr Packer, who quit as Crown director in 2018, is also behind a residential complex in Sydney’s inner east Potts Point.
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