Multiplex to Construct Brookfield’s First Student Housing Project in Australia

Brookfield Asset Management (Brookfield) has entrusted Multiplex with the monumental task of bringing to life its inaugural student housing project in Australia. Teaming up with Citiplan and Journal Student Living, this groundbreaking development will grace the bustling Carlton precinct, right across from the esteemed University of Melbourne’s Parkville campus, occupying a prime spot on the corner of Bouverie and Grattan Streets. With its strategic location near key landmarks like the CBD, Lygon Street, Queen Victoria Market, and Melbourne Central, it promises unparalleled convenience for students seeking an enriching academic experience.

Multiplex clinched the contract after an intensive early contractor involvement phase, collaborating closely with Brookfield, Citiplan, and Journal Student Living to refine the project’s design, pricing, and construction approach. Ross Snowball, Multiplex’s regional managing director, exudes confidence in the venture, citing the company’s prowess in delivering top-notch residential projects and its niche expertise in the education sector.

“This project builds upon our solid portfolio of student housing developments in Victoria, including recent successes with La Trobe and Monash Universities,” Snowball remarked.

Designed by Jackson Clement Burrows Architects, the new edifice sprawls across 13,632 square metres, accommodating 464 beds across 15 storeys, alongside three retail spaces. Ruban Kaneshamoorthy, Brookfield’s head of real estate investments for Australia, underscores the burgeoning demand for student accommodations Down Under.

“We’re capitalizing on a ripe opportunity here, given the resurgence of international students and the existing accommodation crunch,” Kaneshamoorthy emphasized.

Savills Australia corroborates this sentiment, highlighting the robustness of Australia’s student accommodation sector, particularly in Melbourne, which enjoys strong investor interest and promising rental prospects as international student enrollments rebound.

The planned development isn’t just about bricks and mortar; it’s about crafting a nurturing environment for future scholars. With communal spaces like gyms, game rooms, and kitchens nestled in the basement, and cozy study nooks dotting the upper floors, it’s designed to foster both academic excellence and social cohesion. Journal Student Living goes the extra mile by offering support services aimed at enriching the lives of its residents, fostering a sense of belonging and empowerment.

Construction will entail the partial demolition of the existing structure at 166-170 Bouverie Street, with due reverence paid to its heritage façade. The project, spanning 1,327 square metres, is slated for completion by the second quarter of 2025.

In essence, Brookfield’s foray into student accommodations marks a pivotal moment in Australia’s real estate landscape, promising not just a place to live, but a vibrant community where tomorrow’s leaders can thrive and flourish.