Victoria University has announced a partnership which will consolidate its city campuses into one impressive new precinct.
The new precinct forges an even closer connection between the University’s improved presence on the western fringe of the Melbourne CBD and its nearby campuses across the west of Melbourne.
“The new City West Precinct will revitalise this iconic part of the city, restoring the historic Land Titles Office, while also improving the local amenity and spawning a reborn urban experience in the western parts of the Melbourne CBD,” said Victoria University Vice-Chancellor and President, Professor Peter Dawkins.
Collaborating with ISPT, a property investor and superannuation fund investor, the partnership will provide proceeds that the University will reinvest across its campuses throughout the west of Melbourne. ISPT will purchase VU’s existing properties in the CBD and lease these back space for VU to use for 30 years.
“We are fortunate to be partnering with ISPT on this project which will help us to create a world-class precinct for our students in the CBD, while also establishing an infrastructure fund to enable exciting investment opportunities for our campuses in our heartland throughout the west of Melbourne,” said Professor Dawkins.
Further details of the new development:
- The new City West Precinct will provide space for students from VU Polytechnic, as well as VU’s Business School, College of Law and Justice, and College of Health and Biomedicine, and the VU College
- VU Research centres will also have an important presence within the new precinct, as will the VU Law School, which will continue to operate in its current building, as well as benefiting from the new spaces within the precinct.
State Government approval for the deal was provided on the basis that “the University establishes a ‘New Infrastructure Fund’ in its accounts that holds the proceeds of sale for reinvestment in new infrastructure.”
Works will begin next year, with students to begin studying in the new precinct in the first semester of 2022.