That's Built · Building report

Market Way

96-106 Franklin Street, Melbourne VIC 3000

Generated 8 November 2026
Student accommodation ·

—height

39floors

2026completed

0businesses

23permits

Development milestones

Planning application	2021	Planning application TPMR-2021-10/B lodged
Approved	By 2024	Planning permit granted (exact date not recorded)
Construction started	Aug 2024	First major construction permit issued
Completed	By Sep 2026	Market Way completed: 39 floors

Building team

Architect: Cox Architecture
Builder: Multiplex
Developer: Journal Student Living
Co-owner or investor: Brookfield Asset Management

Planning & subdivision

Zone: CCZ1
Overlays: DDO1, DDO10, HO1043, PO1
Scores: 🚆 8 · ☕ 7 · 🌳 8 · ✨ 8

Timeline

11 Sep 2026Brookfield and Journal complete Market Way student tower; Urban Developer reports it complete in October
Real Estate Source reported in September 2026 that Brookfield Asset Management had completed the 40-storey, 715-room Market Way tower with 1010 beds, with residents to move in ahead of Semester 1 next year. The Urban Developer reported in October 2026 that the 40-storey Journal Market Way building designed by COX Architecture and built by Multiplex was now complete, with the four-storey Burbank House retained on site.

By Sep 2026Market Way completed: 39 floors
Derived from Real Estate Source

5 Mar 2026Multiplex tops out Market Way student tower at Franklin Street
Multiplex topped out the 40-level structure of the $194 million Market Way student accommodation tower at 100 Franklin Street, for Journal Student Living, a joint venture with Brookfield Asset Management. Reports at the time said construction was scheduled for completion in September 2026.

20256 building permits and 1 certificate
Largest: Stage 10 – Roof Structural Steel and Louvers, Landscaping & DDA Performance Solutions

By 2024Planning permit granted (exact date not recorded)
Derived from City of Melbourne Development Activity Monitor

Aug 2024First major construction permit issued
Derived from City of Melbourne building permits

12 Mar 2024Brookfield flips plans from apartments to student accommodation at Franklin Street site
Brookfield proposed a 39-storey student accommodation building with 1013 lodging rooms and 1038 beds at 100-106 Franklin Street, replacing earlier plans for a 40-storey mixed-use tower with 267 apartments. The new plans were designed by COX Architecture, and the proposal would retain the Burbank House heritage building.

2024Council census records it as unoccupied - under construction, 1 floors

20245 building permits · about $213.9m of new works
Largest: 100 Franklin St- Student Accommodation Building

2022Council census records it as unoccupied - unused, 3 floors
Name recorded: Association House

20221 building permit · about $990k of new works
Largest: Proposed part demolition of building.

2021Planning application TPMR-2021-10/B lodged
Derived from City of Melbourne Development Activity Monitor

21 Jan 2021Landream buys 100 Franklin Street site near Queen Victoria Market
Landream bought 100 Franklin Street from Burbank Group for about $30 million in January 2021. The site's permit at that time allowed a proposed 22-level building with 84 dwellings and nearly 4000 square metres of offices and ground-floor retail.

20161 certificate · about $489k of new works
Largest: Alterations to Existing Building

2013Council census records it as educational/research, 3 floors
Name recorded: Association House

20131 certificate · about $730k of new works
Largest: Internal alterations to existing university building Level 2

20121 building permit · about $120k of new works
Largest: Internal alterations to existing educational building,LOt 1

2011Council census records it as office, 3 floors
Name recorded: Association House

20081 building permit and 1 certificate · about $308k of new works
Largest: Internal demolition works Stage 1 Ground

20073 building permits · about $1.6m of new works
Largest: Internal Office Fitout Level 1

20061 building permit and 1 certificate · about $1.3m of new works
Largest: Internal refurbishment works-Basement, Ground, Levels 1-3 Amended. Occupancy Permit: Internal refurbishment to existing office building, car

2002First council census entry: office, 3 floors

20001 building permit · about $190 of new works
Largest: proposed intallation of alarm signalling equipment

19981 building permit · about $20k of new works
Largest: Residential fitout - Level 3, 100 Franklin St, Melbourne

Building permits and certificates (25)

Each cost is the estimate on that record. Stages of a project often repeat its full value, so these don't add up to what was spent.

04 Dec 2025	STAGE 02: HARD DEMOLITION WORKS (DEMOLITION OF 100 FRANKLIN STREET (WHOLE) DEMOLITION OF 104-106 (PART) & DEMOLITION OF EXISTING BASEMENT (WHOLE)	$990k
07 Nov 2025	Stage 10 – Roof Structural Steel and Louvers, Landscaping & DDA Performance Solutions	$213.0m
31 July 2025	Stage 9 - Services and Architectural – Level 7 to Roof	$190.0m
10 June 2025	Stage 8 – Services and Architectural – Basement to Level 6	$190.0m
30 May 2025	Stage 7 – L11-Roof Slab, L11-Roof Columns, Walls, L14-Roof Core & Façade L7-Roof	$190.0m
24 Mar 2025	Stage 6 – Façade for Ground to Level 6 and Heritage Building Strengthening Works	$190.0m
12 Mar 2025	Stage 5 - Temporary Fire Services; Structural Works for L6-L10 Slabs & L5-L10 Columns & Walls; and L5-14 Core	$190.0m
11 Nov 2024	Stage 3 - Structural works for basement 1 to level 5 vertical elecments	$190.0m
04 Oct 2024	Stage 4 - Heritage Building Floor Infills	$190.0m
26 Aug 2024	STAGE 2 – FOOTINGS, SLAB ON GROUND, IN-GROUND SERVICES	$190.0m
23 Aug 2024	100 Franklin St- Student Accommodation Building	$195.0m
09 Jan 2024	STAGE 02: HARD DEMOLITION WORKS (DEMOLITION OF 100 FRANKLIN STREET (WHOLE) DEMOLITION OF 104-106 (PART) & DEMOLITION OF EXISTING BASEMENT (WHOLE)	$990k
01 Dec 2022	Proposed part demolition of building.	$990k
16 Nov 2016	Alterations to Existing Building	$489k
13 May 2013	Internal alterations to existing university building Level 2	$730k
18 Sept 2012	Internal alterations to existing educational building,LOt 1	$120k
11 Dec 2008	Internal demolition works Stage 1 Ground	$308k
18 Sept 2008	Alterations to existing retail tenancy. Stage 2: All remaining building / fitout works.	$308k
24 Aug 2007	Internal Office Fitout Level 1	$1.5m
31 July 2007	Proposed office fitout on Level 3.	$40k
07 June 2007	Internal office fitout for coretext to Level 2.	$40k
17 Nov 2006	Internal Office Fitout-Ground Floor	$490k
01 Sept 2006	Internal refurbishment works-Basement, Ground, Levels 1-3 Amended. Occupancy Permit: Internal refurbishment to existing office building, carpark and office.	$850k
07 Aug 2000	proposed intallation of alarm signalling equipment	$190
01 Sept 1998	Residential fitout - Level 3, 100 Franklin St, Melbourne	$20k

Questions and answers

Is Market Way residential or commercial?
Market Way is student accommodation.

When was Market Way built?
Market Way was completed in 2026.

How many floors does Market Way have?
Market Way has 39 floors above ground.

Does Market Way have hotel or student accommodation?
The City of Melbourne records 1,038 student beds at Market Way.

Who designed and built Market Way?
Journal Student Living developed Market Way, Cox Architecture designed it and Multiplex built it. The building team section has the sources.

What public transport is near Market Way?
State Library Station is the nearest train station, about 4 minutes' walk. The nearest tram stop is Queen Victoria Market/Elizabeth St #7, about 2 minutes' walk.

What is the planning zone for Market Way?
The site is in the Capital City Zone - Schedule 1 (CCZ1). It's also under a Heritage Overlay (HO1043).

Who bought the site before the student tower was planned?
In January 2021, Landream bought the 100 Franklin Street site near Queen Victoria Market.

Has any work been done on Market Way recently?
The City of Melbourne has issued 23 building permits for Market Way since 1998. The most recent was in November 2025.

Sources: City of Melbourne building permits (CC BY 4.0); CLUE building information (CC BY 4.0); Development Activity Monitor (CC BY 4.0); Geocoded National Address File (G-NAF) (Open G-NAF EULA (CC BY 4.0 based)). General information from public records, not legal, financial or building advice.