Multiplex has been awarded a student housing project in a prominent location in Carlton opposite the University of Melbourne’s Parkville campus. The project is Brookfield’s first ever student accommodation development in Australia. Multiplex has been collaborating with Brookfield, Citiplan and Journal Student Living to develop the design, pricing, and construction methodology for the project.
Designed by award-winning firm Jackson Clement Burrows Architects, the upcoming development is situated on the corner of Bouverie and Grattan Streets on a 1,327sqm site, and is within walking distance of the CBD, Lygon Street, Queen Victoria Market and Melbourne Central, making it a convenient location for students.
The new building spans a total area of 13,632 square metres, and will accommodate 464 beds across 15 storeys as well as three retail tenancies. Future occupants will enjoy a comprehensive range of amenities including communal recreation spaces such as a gym, games room, laundry, kitchen and dining area in the basement, an open entertainment area, lounge and library on the ground floor, and cosy and quiet study areas across the first, second and third floors.
Journal Student Living will also provide support options and services for its residents, helping them to learn living skills, access help, meet like-minded students, and engage in community activities.
“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,” Multiplex regional managing director Ross Snowball say.
“It builds upon our strong track record in delivering student housing in Victoria, with projects recently undertaken for both La Trobe and Monash Universities.”
Australia’s student accommodation sector remains robust and tightly-held, characterised by a shortage of supply, with Melbourne a hotspot for investors, says leading commercial real estate agency Savills Australia. Future rental growth is underpinned by strong occupancy with international student visas now back at pre-COVID levels, they add.
“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,” Brookfield head of real estate investments for Australia, Ruban Kaneshamoorthy says.
“The winning combination of location, amenity and design will make this site a highly sought-after space for students.”
The building at 166-170 Bouverie Street will be partially demolished with only the heritage facade retained as part of the project’s finished design. Other buildings on the site will be demolished to make way for the new student lodging.
Works are expected to be completed by Q2 2025.
