Queensland Treasurer Curtis Pitt has approved a Queensland Treasury Corporation loan to fund the $251 million student residences project at UQ’s St Lucia campus.
He said the project was a great investment for the University and for Queensland.
“The construction of the precinct will create around 620 jobs,” Mr Pitt said.
Cairngorm, a former family home built around 1901, will be refurbished and incorporated into the development, and two large fig trees in front of Cairngorm on Walcott Street will be kept.
The University will comply with all relevant environmental and regulatory requirements.
Because 1300 students will live on campus, the project, which is within UQ’s St Lucia campus site development plan, is expected to reduce traffic flows.
Construction is likely to begin in mid-2017, with students moving in at the start of 2020.
UQ has a track record for repaying loans from the State Government ahead of schedule.