BROOKFIELD Asset Management has appointed Multiplex to deliver its first student housing project in Australia.
The joint venture student housing project with Citiplan and Journal Student Living will be developed in a prominent location in Carlton across from the University of Melbourne’s Parkville campus on an amalgamated block on the corner of Bouverie and Grattan Streets.
The Jackson Clement Burrows Architects-designed building will span 13,632sqm and will feature 464 beds across 15-storeys, in addition to three retail tenancies.
Multiplex was awarded the contract after early contractor involvement, working with the joint venture 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.”
The development will include a range of amenities including 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.
In addition to study areas across the first, second and third floors. Journal Student Living will also provide support options and services for its residents.
“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,” said Ruban Kaneshamoorthy, head of real estate investments for Australia at Brookfield.
“The winning combination of location, amenity and design will make this site a highly sought-after space for students.”
Construction will include the partial demolition of 166-170 Bouverie Street, which will have its heritage facade retained as part of the project’s finished design.
With other buildings on the 1,327sqm site will be demolished to make way for the new student lodging.
As the sector rebounded in 2023, GPT announced it was expanding its partnership with QuadReal Property Group, to invest in the Australia and New Zealand student accommodation market.
While Australia’s largest owner and operator of purpose-built student accommodation, Scape, in October last year converted a $1.4 billion loan into a sustainability-linked loan, in a first for the sector.
Works on the joint venture student housing project are expected to be completed by Q2 2025.
