Industry super fund backed developer ISPT has teamed up with Victoria University and the Victorian Department of Education and Training to develop a 32-storey vertical campus in the heart of Melbourne.
Following a tender run by Flagship Partners, ISPT will buy three separate Victoria University-owned properties, build the vertical campus, and lease it back to the university under a 30-year agreement.
Under the deal, ISPT will acquire the Former Records Office at 287-295 Queen Street, Victoria University Tower at 364-378 Little Lonsdale Street, and the Land Titles Office at 247-283 Queen Street.
The new 24,000 square metre campus will be developed on the 364-378 Little Lonsdale Street site and house offices and teaching space for the university’s administration, the College of Business, College of Health and Biomedicine, College of Law and Justice, and a college for international student skills.
The building, which has already gained development approval, was designed by Daryl Jackson Architects. Construction is expected to kick off next year and be completed in 2021.
The heritage-listed buildings at 247-283 and 287-295 Queen Street will retained and owned, along with the new tower, by ISPT.
The University’s vice-chancellor Professor Peter Dawkins said the deal would allow the university to set up an infrastructure fund to invest in development of its western suburbs campuses.