Lendlease, along with its partners GIC and Urbanest, has signed a contract with the University of Melbourne to deliver a $500 million innovation hub in Carlton, Melbourne.
Located at the former Royal Women's Hospital site on the corner of Swanston and Grattan streets, the 62,000sq m development includes commercial space as well as retail areas, childcare and student accommodation for 528 students.
GIC, Singapore’s sovereign wealth fund, has taken a majority stake in the project.
"We believe the new innovation precinct will generate resilient cash-flows over the long term and look forward to strengthening our partnership with Lendlease and the University of Melbourne on this project," chief investment officer of GIC Real Estate Lee Kok Sun said.
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The proposed ‘Sister Building’ at Barangaroo by Tzannes
Lendlease will develop the project, leading the consortium-selected design and construction, and maintain the site for 42 years. The university will occupy about 75 per cent of the commercial space, with about 10,500sq m on the market for lease.
The innovation precinct is located on the site of the former Royal Women’s Hospital, on the corner of Swanston and Grattan Street within the Parkville National Employment and Innovation Cluster, as well as the newly announced Melbourne Innovation District.
Managing director for Lendlease Mark Menhinnitt said the development will see the former Royal Women’s Hospital site regenerated into an open, light and contemporary precinct, meeting the highest standards of design and sustainability while also honouring the site’s heritage and history.
The precinct has the potential to deliver significant contribution to Melbourne’s international reputation for innovation and research, providing long-term jobs and making significant contributions to the Melbourne economy.
The precinct will also be home to the Melbourne Science Gallery and will include student accommodation, retail, public spaces and childcare.
“This is a significant partnership for Lendlease and the University of Melbourne on a project that will set a new benchmark in education and industry collaboration in a purpose-built precinct” Menhinnitt said.
Early works will start in November 2017 and subject to planning approvals, construction will commence in 2018.
Main image: Artist impressions of the Melbourne Quarter