The tallest point has been reached on Journal Student Living’s $194 million Purpose Built Student Accommodation (PBSA) Market Way project at 100 Franklin Street in Melbourne’s CBD, with global contractor Multiplex officially ‘Topping Out’ the 40-level structure.
The milestone marks Multiplex’s second partnership with student living developer and operator Journal Student Living, a joint venture (JV) between Brookfield Asset Management and Journal.
The pair previously collaborated on Campus House, a 452-room PBSA facility at 166-170 Bouverie Street in Carlton, completed in April 2025.
Prominently located in Melbourne’s Queen Victoria Markets precinct and within easy reach of the city’s top universities, Market Way comprises 715 rooms delivering 1,010 student beds across a combination of shared and individual accommodations.
The development offers more than 3,000 square metres of communal spaces, including a library, study rooms, gym, cinema, music and gaming rooms, and a rooftop terrace designed to foster a vibrant and connected student community.
“We’re proud to reach this critical milestone on this project, which sets an enviable new benchmark for high-quality living spaces within the rapidly emerging student accommodation sector,” said Ross Snowball, Multiplex Regional Managing Director for VIC and SA.
“It combines our expertise in successfully delivering high-rise residential and managing complex heritage restorations.”
Designed by COX Architects, the 40-storey tower also integrates more than 350 square metres of retail space and a basement loading bay.
In support of sustainable and low-carbon transport, the project features 172 bicycle spaces rather than on-site car parking, aligning with students’ transport preferences.
A key feature of the Market Way development is the inclusion of the four-storey heritage-listed Burbank House, retained and restored as part of the project.
Constructed in 1840, Burbank House was the long-time residence of James Harrison, the pioneering inventor of mechanical refrigeration.
For almost 40 years, from 1850, Harrison lived and worked in the building, establishing Victorian Ice Works and developing one of the first mechanical ice-making machines.
The heritage building will house the library, kitchen, dining area, study rooms, and the main entry lobby.
During construction, around 250 workers have been on-site daily.
Multiplex reported improved project efficiency through off-site prefabrication methods, including 983 prefabricated bathroom pods, 300 precast panels with integrated brick façades, and prefabricated column boxes with built-in reinforcement.
Additional prefabricated elements include a modular curtain wall façade, GRC planter boxes, and a pre-assembled rooftop plant.
Preservation and structural strengthening works on Burbank House involve laboratory-tested heritage timber and a rooftop steel truss.
Journal engaged heritage specialists before construction to investigate the site’s historic and cultural significance.
Located within the Registered Aboriginal Party (RAP) boundary of the Wurundjeri Woi Wurrung Cultural Heritage Aboriginal Corporation (WWWCHAC), the site yielded significant archaeological findings.
Christine Williamson Heritage Consultants (CWHC) and Archaeological Excavations (AE) uncovered the remains of Harrison’s early ice-making machine, pivotal in preserving salmon ova during long-distance transport, as well as 1850s relics, including glass and beer bottles, ceramic ware, Wedgwood mugs, ink bottles, stone vessels, and animal bones.
Construction of 100 Franklin Street is on track for completion in September 2026.
