Multiplex Completes Journal Student Living's 715-Room Melbourne CBD Tower Ahead of Schedule

Multiplex has completed Journal Student Living's Market Way purpose-built student accommodation tower at 100 Franklin Street in Melbourne's central business district, delivering the 40-level, 1,010-bed project ahead of schedule, the contractor announced Sept. 10, 2026.

The A$194 million development, situated in the Queen Victoria Market precinct, comprises 715 rooms across 40 floors. Journal Student Living, backed by Brookfield Asset Management, is the developer and operator of the asset.

Project Scale and Configuration

Market Way's 1,010 student beds are offered across multiple room types, with weekly rents for premium suites starting around AUD 859 per week. The building is marketed with both semester and full-year lease structures, targeting domestic and international tertiary students. Amenities include extensive shared communal spaces and 172 bicycle spaces, reflecting the building's emphasis on non-car transport options for residents.

Journal is actively marketing the property with early-access pricing, indicating leasing is substantially progressed ahead of the 2026–27 academic year. The tower's CBD location positions it within reach of RMIT University, the University of Melbourne's Parkville campus, and other tertiary institutions accessible by public transport.

Second Multiplex Delivery for Journal–Brookfield Platform

Market Way is the second PBSA project Multiplex has completed for the Journal–Brookfield joint venture. The first, Journal Campus House at 172 Bouverie Street in Carlton, is a 452-bed, 15-storey building that was finished in April 2025, nearly three months ahead of schedule. That project employed prefabricated bathroom pods, risers, and precast elements to improve construction speed and programme reliability.

The Market Way tower topped out in March 2026, with construction completion targeted for September 2026. Multiplex's announcement confirms the project was delivered ahead of that schedule.

Journal Student Living's Melbourne Portfolio

The completion of Market Way expands Journal Student Living's footprint across inner Melbourne. In addition to Market Way and Campus House, Journal operates Journal Uni Place at 18 Leicester Street in Carlton, which offers 804 beds, and Journal Central at 502 Swanston Street in Carlton, which provides 587 beds.

The earlier Journal Uni Place and Journal Central assets offer studios and two-bedroom apartments with all-inclusive utilities, communal areas, and resident events programs, with weekly rents in pre-2025 materials starting from around AUD 349 per week.

Market Context

Melbourne's inner-city PBSA sector has seen renewed demand following the rebound in international student arrivals and domestic enrolments in the post-pandemic period. The Market Way completion adds purpose-built supply to a submarket where student housing demand has outpaced dedicated accommodation options, particularly in the CBD proper.

For Multiplex, the Market Way handover extends its track record in the PBSA sector and marks the conclusion of its second consecutive delivery for the Journal–Brookfield platform in Melbourne.

Sources

Multiplex — Multiplex Completes Journal Student Living's Melbourne CBD PBSA (Sept. 10, 2026)