Global contractor Multiplex has been appointed by Brookfield Asset Management to deliver its first-ever student housing project in Australia in a joint venture with Citiplan and Journal Student Living.
In a prominent location in Carlton opposite the University of Melbourne’s Parkville campus, the upcoming development sits on an amalgamated block on the corner of Bouverie and Grattan Streets. It also sits within walking distance of the CBD, Lygon Street, Queen Victoria Market and Melbourne Central, making it a prized location for students.
Multiplex has been awarded the contract after early contractor involvement, collaboratively working with Brookfield, Citiplan and Journal Student Living to develop the design, pricing, and construction methodology for the project.
“This is a wonderful opportunity for us to leverage our robust credentials, successfully delivering residential apartment projects, and combine them with our specialist expertise in the education sector,” said Ross Snowball, Regional Managing Director at Multiplex.
“It builds upon our strong track record in delivering student housing in Victoria, with projects recently undertaken for both La Trobe and Monash Universities.”
Designed by award-winning firm Jackson Clement Burrows Architects, the new building spans a total area of 13,632 square metres, featuring 464 beds across 15-storeys as well as three retail tenancies.
Brookfield Head of Real Estate Investments for Australia Ruban Kaneshamoorthy said: “There are significant tailwinds for student accommodation in Australia. We see this as a highly favourable environment to develop sites, with international students returning to study and existing accommodation almost at capacity. The winning combination of location, amenity and design will make this site a highly sought-after space for students.”
According to leading commercial real estate agency Savills Australia, Australia’s student accommodation sector remains robust and tightly-held, characterised by a shortage of supply, with Melbourne a hotspot for investors. Further, Savills says future rental growth is underpinned by strong occupancy with international student visas now back at pre-COVID levels.
The planned development boasts a comprehensive range of amenities for future student occupants. A basement level will deliver communal recreation spaces such as a gym, games room, laundry, kitchen and dining area, while the ground floor level will provide students with an open entertainment area, lounge and library. Cosy and quiet study areas will be dotted across the first, second and third floors.
Journal Student Living also provides support options and services for its residents, helping them to learn living skills, access help, meet like-minded students and engage in community activities.
Construction will see the partial demolition of the building at 166-170 Bouverie Street, which will have its heritage facade retained as part of the project’s finished design. Other buildings on the 1,327 square metre sites will be demolished to make way for the new student lodging.
Works are expected to be completed by Q2 2025.
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