Malvern is located in Melbourne’s leafy eastern suburbs. Image –
  • The trio will work on a boutique 23-apartment development in Malvern
  • Represents the second partnership between Maxcap and Milieu

Real estate financier MaxCap Group has announced a new partnership between Melbourne-based developer Milieu and boutique development partner Penfold for a new Malvern project.

The No.1 Plant Street project is the second partnership by Maxcap and Milieu and will deliver 23 apartments.

Michael McCormack, Milieu cofounder and managing director, said the company committed to a design that resonates strongly with owner-occupiers in Malvern by fostering a sense of community.

“We create spaces that seek to have a positive influence on daily life, both inside and out,” said Mr McCormack.

“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.”

“We’re also really looking forward to working with our friends at Penfold who know the target market well given their extensive experience and background and we are sure this will be a defining project for Malvern, located just 8 km from the CBD and offering excellent access to amenities on Malvern Road, public transport and elite schools.”

Direct investment business growing rapidly

MaxCap’s head of direct investment, Simon Hulett, added the team was proud to be completing another joint venture with the Milieu team given their unique brand positioning towards sophisticated buyers.

“Repeat business demonstrates genuine trust,” said Mr Hulett.

“They understand market needs and deliver product which, as we have seen on previous projects, attracts strong buyer interest and premium pricing.”

“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,” concluded Mr Hulett.

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