Leading international contractor Multiplex has secured a contract from Brookfield Asset Management to carry out its first student housing venture in Australia, in partnership with Citiplan and Journal Student Living.
The forthcoming development, designed by award-winning firm Jackson Clements Burrows Architects, is strategically positioned in Carlton, just opposite the University of Melbourne's Parkville campus. Furthermore, it is just a stone's throw away from the central business district, Lygon Street, Queen Victoria Market and Melbourne Central, assuring its appeal to students.
Ross Snowball, Regional Managing Director at Multiplex, stated, “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.
“It builds upon our strong track record in delivering student housing in Victoria, with projects recently undertaken for both La Trobe and Monash Universities," he said.
Boasting a total area of 13,632 square metres, the new edifice will provide 464 beds over 15 floors, alongside three retail shops.
The development proposal underscores a wide array of amenities, including communal leisure spaces such as a games room, a gym, laundry and food
facilities. The ground floor also features an open entertainment area, lounge and library while the first three floors offer quiet and cosy study spaces.
Ruban Kaneshamoorthy, Brookfield's Head of Real Estate Investments for Australia, believes that the student accommodation sector in Australia holds a promising future.
“There are significant tailwinds for student accommodation in Australia," he said.
"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.”
Confirming this optimistic outlook, commercial real estate agent Savills Australia noted that Australia's student housing sector remains robust and in high demand. Melbourne has emerged as an enticing hub for investors, with future rental growth bolstered significantly by a resurgence of international student visas to pre-COVID levels.
In addition to its physical prospects, Journal Student Living pledges to support its residents in acquiring life skills, promoting community engagement, and providing much-needed assistance.
The project entails the partial demolition of the existing 166-170 Bouverie Street building, with its significant heritage facade being maintained in the resulting design. Other buildings on the 1,327 square metre site will be removed to accommodate the novel student accommodation.
The project is slated for completion by the second quarter of 2025.
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