The first purpose-built student residence collaboration between Brookfield and Citiplan has reached completion in Melbourne's bustling CBD.

Multiplex, an international contractor, has concluded construction on the Journal Campus House, a 452-bed, 15-storey development situated at the intersection of Bouverie and Grattan streets in Carlton, directly facing the University of Melbourne's Parkville campus.

Jackson Clement Burrows Architects crafted the layout, featuring 365 single and multi-occupancy rooms alongside two ground-floor retail spaces. The ground level boasts an open entertainment space, lounge, and library, while tranquil study zones can be found on the initial three floors.

Facilities such as a courtyard, gym, recreational areas, music rooms, a kitchen, and communal dining space are nestled in the basement, with shared terraces adorning the third and 15th levels. The property's prime location offers easy access to Queen Victoria Market, Lygon Street, the CBD, and Melbourne Central.

Managed by Journal Student Living, a venture between Brookfield Asset Management and Citiplan, the purpose-built student accommodation (PBSA) asset is in high demand, according to Ruban Kaneshamoorthy, co-head of real estate at Brookfield Australia.

Kaneshamoorthy expressed, “We see ongoing demand for these sorts of facilities, particularly on the eastern seaboard, which is driving the development of our PBSA portfolio.”

The Brookfield Asset Management and Citiplan partnership's maiden student housing initiative at Grattan Street in Carlton for the University of Melbourne has met with success. The project, utilising prefabricated solutions like modular bathroom pods and precast elements, wrapped up 19 months ahead of schedule.

Incorporating the heritage site at 160-170 Bouverie Street into the final design, Multiplex, known for similar ventures with La Trobe University and Monash University, showcased its expertise.

Elsewhere, in South Yarra, Greystar, a global build-to-rent player, has unveiled its latest offering, Haiku Claremont (see photo). This development marks Greystar's second property under the Haiku build-to-rent brand in Australia.

Haiku Claremont, located in South Yarra, comprises 235 fully furnished apartments and a host of on-site amenities, including private lounges, a rooftop bar, gaming zones, a cinema, co-working spaces, and wellness facilities.

Matt Woodland, managing director of Greystar Australia, remarked, “Australian renters today expect more than just a place to live; they want to feel a sense of belonging and community within their building.”

With the forthcoming tower, The Yarra, set to open in August 2025 on the same site at 35 Claremont Street, South Yarra, Greystar's initial Australian asset, The Gladstone at South Melbourne, will be rebranded under the Haiku umbrella.

Emphasising their extensive portfolio, Greystar reported completion of 935 apartments, with 1015 under construction and an additional 609 units in the planning stages across their build-to-rent and student accommodation ventures in Australia. Globally, the developer manages and oversees real estate worth $320 billion in nearly 250 markets, encompassing over a million units.

 

Source: The Urban Developer

 

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