THE Southern Hemisphere’s tallest education building has officially opened, in ISPT and Victoria University’s $385 million VU City Tower.
The industry superannuation fund-backed property investor, in partnership with Victoria University (VU) and the Victorian Department of Education and Training, has now opened the doors of the 29-level vertical campus in the Melbourne CBD.
“We are incredibly proud to announce the official opening of VU City Tower, our first education project and an industry-leading building that has been developed in collaboration with VU, and with the support of all project partners,” said Jason Lourensz, senior development manager for ISPT.
Located at 370 Lonsdale Street, the tower includes 24,146sqm of NLA and is the first education project by ISPT, the sole developer, asset owner and investment manager of the asset, as the investor moves into the sector.
“The education sector is critical to the economy and this project diversifies our exposure and that of our investors to this key sector, while ISPT seeks opportunities for future growth across the education and health industries to further expand the portfolio, leveraging the existing skills and expertise within the business,” added Lourensz.
The new city campus also comprises the heritage-listed Former Records Office at 295 Queen Street, adjacent to the new facility for up to 5,400 students.
With ISPT also purchasing the neighbouring heritage-listed Land Titles Office at 283 Queen Street, earmarked for a commercial mixed-use development to further activate the precinct.
“The relationship we have developed with VU demonstrates the deepening of our partnership approach, as we commit to driving new business ecosystems that support long-term precinct performance and returns. Our vision is focussed on acquiring and developing investment grade precincts in partnership with key tenant partners, to deliver long-term security for investors,” said Letitia Hope, partnership specialist at ISPT.
The Jackson Architecture-designed project with interiors by Woods Bagot, was delivered on time, with practical completion reached in January, and under budget despite the impacts of the COIVD-19 pandemic throughout the course of the construction phase.
“The successful completion of VU City Tower underpins ISPT’s capacity to deliver high-quality investment-grade properties, safely and as promised, regardless of the unprecedented industry challenges,” said Lourensz.
Achieving a 5-star green rating, VU City Tower was built with an end-user experience focus, with student zones including a student hub on level 10 and public integrations zones to activate the site.
“ The VU City Tower is a physical realisation of Victoria University’s ambitious vision to be a global leader in dual sector education and research, marking an exciting new era for VU. With a single entrance for higher education, TAFE, research, and industry-immersion, the VU City Tower opens the door to endless opportunities,” said Adam Shoemaker, vice-chancellor and president of VU.
The tower includes both vocational and tertiary education courses, with 47 smaller purpose-built classrooms and specialist learning and clinic spaces.
“Designed as a reimagined campus of the future, the building represents the forward-thinking aspirations and vision of the University, and we are looking forward to welcoming teachers and students to bring the precinct to life,” concluded Lourensz.