The tallest point of Journal Student Living’s $194 million Purpose Built Student Accommodation (PSBA) Market Way project at 100 Franklin Street in Melbourne’s CBD has been reached, with global contractor Multiplex ‘Topping Out’ the 40-level structure.
It marks Multiplex’s second project with the student living developer and operator, a joint venture (JV) between Brookfield Asset Management and Journal. Multiplex completed Journal Student Living and Brookfield’s first project Campus House, a 452-room PBSA facility at 166-170 Bouverie Street in Carlton on Melbourne’s city fringe, in April 2025.
Prominently located in the Queen Victoria Markets precinct of Melbourne’s CBD and close to the city’s top universities, Market Way comprises a total of 715 rooms providing 1,010 student beds across shared and individual configurations. With more than 3,000 square metres of communal space, resident amenities include a library, study rooms, gym, music and gaming rooms, cinema, and rooftop terrace.
With industry-leading design by COX Architects, the development also features over 350 square metres of retail space and a basement loading bay. Aligned with students’ preferred mode of transport, 172 bicycle spaces are included instead of onsite car parking.
The four-storey heritage-listed Burbank House is retained as part of the development, housing the library, kitchen, dining area, study rooms and entry lobby. Constructed in 1840, the historic building was home to James Harrison, the mastermind behind the mechanical refrigeration process, for around 40 years from 1850. The visionary inventor set up Victorian Ice Works in Burbank House and created one of the first mechanical ice-making machines.
“We’re proud to reach this critical milestone on this project, which sets an enviable new benchmark for high-quality living spaces within the rapidly emerging student accommodation sector. It combines our expertise in successfully delivering high-rise residential and managing complex heritage restorations,” said Ross Snowball, Multiplex Regional Managing Director for VIC and SA.
During construction, the Journal Student Living project has around 250 workers onsite each day.
According to Multiplex, innovative construction methods used onsite are improving efficiency. Prefabrication is streamlining delivery and has included 983 offsite-fabricated bathroom pods, 300 precast panels with integrated brick façades, and prefabricated column boxes with built-in reinforcement. A modular curtain wall façade, GRC planter boxes and pre-assembled rooftop plant has also been manufactured offsite, adding further efficiency to the build.
Burbank House is being preserved and structurally upgraded by Multiplex using laboratory-tested timber and a rooftop steel truss.
Prior to commencing construction works, Journal engaged heritage specialists to uncover the site’s history. Located within the Registered Aboriginal Party (RAP) boundary of the Wurundjeri Woi Wurrung Cultural Heritage Aboriginal Corporation (WWWCHAC), this made its archaeological exploration both historically and culturally significant.
Christine Williamson Heritage Consultants (CWHC) and Archaeological Excavations (AE) uncovered the structural remains of James Harrison’s ground-breaking ice machine. Pivotal in keeping salmon ova (eggs) frosty during transport, the ice machine ensured they stayed alive long enough to reach their final destination.
The excavation also unearthed an assortment of 1850s relics, including glass and beer bottles, ceramic plates and jugs, Wedgwood mugs, ink bottles and pourers, stone bottles, and even some animal bones.
Construction of 100 Franklin Street is scheduled to complete in September 2026.
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