Packer-backed fund buys $20m Malvern site for sustainable homes – realestate.com.au

James Packer is doubling down on his bid to help Melbourne’s wealthy live longer, with an investment company he owns buying a second site in the city for a wellness-focused development.

Earlier this year, a consortium backed by the billionaire announced plans to convert a one-time nursing home in Balwyn into a luxury apartment complex with amenities intended to help residents extend their lives.

The NPACT Fund has once again partnered with developer Chapter Group in the approximately $20 million purchase of a 2,600 square meter property at 1260-1272 Malvern Rd, Malvern, with plans to build another complex with similar aims and a proposal for 40 apartments.

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It is currently home to ULR Land Rover.

Chapter Group director Dean Lefkos described the plan for the new location as a Parisian-inspired, village-style destination that offers residents a café-centric lifestyle.

Mr Lefkos added that the group would ensure that buyers at its next Malvern site would have spaces “that meaningfully enhance everyday life; places to connect, unwind and support wellbeing”.

A rendering of the Maleela Rise development which was Packer and NPACT’s first foray into sustainable real estate in Melbourne.

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“While design work is still ongoing, our focus is on features that promote social connections, promote wellbeing and create a sense of belonging,” he said.

“The intention is the same: to curate spaces that enhance quality of life and provide long-term value to residents, but interpreted in a way that feels right for the lifestyle of Malvern, its residents and the rhythm of village-style living.”

Architects from Cera Stribley and interior designers from Studio Tate will also work on the development, while Jack Merlo will provide landscaping.

It is the same team working on the $100 million Maleela Ave, Balwyn project, called Maleela Rise, which included plans for a wellness retreat inspired by Hotel Chadstone.

The project aimed to promote physical health with a gym, saunas and cold shower, and to create better social connections through shared spaces around the complex.

Apartments there ranged from $1.7 million for two bedrooms to $5.6 million for a penthouse.

Saunas and cold showers are part of the health and wellbeing promoting communal areas of the Maleela Rise complex.

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Mr Lefkos said they noted the success the previous project attracted thanks to features including a concierge, a curated library, a lounge with a bar and the wellness resort with a gym and saunas.

“We have had a very strong response from buyers to Maleela Rise,” said Lefkos.

“It’s a function of the design team we put together, but more importantly the clear design story and outcome we wanted to achieve for that specific site, location and demographic.”

That project is now half sold, largely to buyers who already live within 500 meters of it, while construction is in full swing.

Sales of the Malvern project are expected to commence in early 2026.

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