Lendlease, together with its project partners, has signed a contract with the University of Melbourne to deliver a new innovation precinct on the site of the former Royal Women’s Hospital in Carlton, Melbourne.
The consortium, led by Lendlease, will develop the site on the corner of Swanston and Grattan streets into a place where “industry, researchers, students, government and the community can co-locate and collaborate to foster new ways of thinking, learning and operating”, according to a statement from Lendlease.
The consortium comprises Lendlease as developer, builder, co-investor and investment manager of the commercial space; GIC as major co-investor of the commercial space; Spotless as the facilities manager; and Urbanest as investor and manager of the student accommodation. The consortium will design, construct and maintain the site for 42 years.
“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,” said Mark Menhinnitt, Managing Director for Lendlease Urban Regeneration.
The precinct will also be home to Science Gallery Melbourne, as well as student accommodation, retail, public spaces and childcare.
Working space within the development will be available for lease to industry, government and entrepreneurs to participate in, and engage with, research and innovation.
“It will also create a vibrant hub for the Carlton and broader Melbourne community with shops, cafes, public spaces and interconnected laneways providing pedestrians with direct access to Swanston, Grattan and Cardigan streets,” said Mr. Menhinnitt.
The consortium expects financial close to be reached in early 2018.
Early works will start in November 2017 and, subject to planning approvals, construction will commence in 2018.