This article is from the Australian Property Journal archive
REAL estate financier MaxCap Group has expanded its relationship with, Milieu, entering their second joint with the Melbourne developer to deliver a boutique residential project in the sought after suburb of Malvern.
Located on a corner site in the well-heeled suburb, the No.1 Plant Street project will offer 23 apartments aimed at the local owner-occupier market including singles, couples and downsizers who have all remained active in the market through the pandemic.
Milieu is undertaking the project with development partner Penfold.
“We create spaces that seek to have a positive influence on daily life, both inside and out. As with all our projects, our design approach will aim to foster connection, explore innovation, cultivate the everyday culture of design and enable a well-lived life for people who live in the area,” Milieu co-founder and managing director, Michael McCormack said.
Malvern is located eight kilometres from the CBD and the development will offer access to amenities on Malvern Road, public transport and elite schools.
Simon Hulett, MaxCap’s head of direct investment said, “It’s fantastic to be entering into another joint venture with the Milieu team – repeat business demonstrates genuine trust”.
For MaxCap Group, this latest joint venture contributes to the continued rapid growth of its direct investment business.
“Our direct investment portfolio continues to grow in a highly strategic and deliberate direction with a focus on partnering with the best private developers around the country. Groups of the calibre of Milieu provide a strong validation for the sophisticated and diligent approach we take with our joint venture partners.”
The sales launch will likely commence at the end of 2022.
MaxCap has been active across the country. It has just partnered with prolific developer Tim Gurner on a 22-storey luxury resident tower on the Gold Coast, and backed construction of the Vibe Hotel Adelaide with a $29.3 million commitment.
On the other side of the city, Milieu is partnering with Mirvac for a build-to-rent development in the northern suburb of Brunswick.
