Brookfield completes 1010-bed student tower
Brookfield Asset Management has completed a 40-storey student accommodation tower near Melbourne’s top tip.
The 715-room, 1010-bed complex dubbed Market Way, incorporating the c1891 five-level Burbank House, will be managed by Journal Student Living.
There are no car parks.
There are however 172 bike bays.
Penned by COX Architecture and built by Multiplex, the tower also contains a cinema, gaming room, music room, gym, activated rooftop and ground floor retail.
Burbank House was fit out with a library, kitchen, dining and study areas.
It also accommodates the skyscraper’s entrance.
Completion of Market Way comes a week since realestatesource.com.au reported Scape started construction of a 1420-bed student accommodation tower at 393 Swanston St, on the airspace of the recently completed State Library station, part of the Metro Tunnel project.
A purpose-built-student-accommodation complex is also mooted for the State Public Offices on Lonsdale St which the cash-strapped Carrol Labor government sold last month (continues below).
Market Way
Brookfield paid $67.375m including GST in 2024 for the site which made way for Market Way.
That seller, Landream, bought the block in two parts from 2020, outlaying a total $49.5m.
It planned a build-to-rent project with Alt Living.
That tower would also have soared 40- floors.
Journal is 50 per cent owned by Brookfield Asset Management with the balance controlled by Citiplan Property.
Market Way is its second facility. Residents will move in ahead of Semester 1 next year.
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