ISPT will develop a new 32-storey vertical campus in partnership with Victoria University, in a move underscoring the alignment of industry superannuation funds with the tertiary education sector.
ISPT has been awarded the tender to partner with Victoria University (VU) and the Victorian Department of Education and Training to develop the campus, which will be leased back to VU under a 30-year agreement.
Under the terms of the tender, run by Flagstaff Partners, ISPT will acquire three separate properties from VU.
These include the Former Records Office at 287-295 Queen Street; the Victoria University Tower at 364-378 Little Lonsdale Street; and 247-283 Queen Street, which is the Land Titles Office.
The new 24,000sqm vertical campus will be developed by ISPT on the 364-378 Little Lonsdale Street site and will incorporate office and teaching space for key VU academic activities.
According to ISPT chief executive officer Daryl Browning the transaction “demonstrates the long-term capital alignment of industry superannuation funds with the tertiary education sector”.
Development application approval is already in place for the striking vertical campus building, which has been designed by Daryl Jackson Architects.
Construction is expected to kick off next year with completion scheduled
for 2021.
Both the 247-283 Queen Street and 287-295 Queen Street properties are heritage-listed and will be retained, as will the new VU Tower upon completion.
Professor Peter Dawkins, vice-chancellor and president of Victoria University, says the project will “help us to create a world-class precinct for our students in the CBD, while also establishing an infrastructure fund to enable exciting investment opportunities for our campuses in our heartland throughout the west of Melbourne”.
ISPT currently has around 134,000 sqm of developments under construction in the CBD. Alongside the Victoria University project is Australian Unity’s new headquarters at 271 Spring Street; 447 Collins Street, in joint venture with Cbus Property; and 405 Bourke Street, leased to NAB and being developed in joint venture with Brookfield.