SP Setia's $750m Carlton CUB plan: 606 units, 2,009 student beds

SP Setia’s $750 million plan for three towers on the last of the former Carlton and United Breweries (CUB) site in Carlton, first reported in August, now has its full unit mix on the City of Melbourne’s development monitor: 606 apartments and 2,009 student beds. It is a proposal only. Nothing has been approved.

Why it matters

The project would complete the CUB precinct, which has been planned since a masterplan was first approved in 2007. The application covers 185-195 Queensberry Street and 46-78 Bouverie Street, a 6,468 sqm site, and was reported by apartments.com.au on 20 August 2026 at an estimated $750 million. The outlet reports it is being pursued through the state’s Development Facilitation Program under Clause 53.23, which puts the decision with the state rather than the City of Melbourne. Planning consultant Urbis said the scheme would “complete the CUB precinct”.

The numbers

The council’s monitor record TPM-2026-15 lists three buildings: a 56-storey tower with 606 apartments (188 studios, 206 one-bedroom, 192 two-bedroom and 20 three-bedroom), a 46-storey student tower with 840 student apartments and 1,040 beds, and a 28-storey student tower with 659 apartments and 969 beds. That is 1,499 student units and 2,009 beds.

The outlet describes the tallest tower as 55 storeys and 199.44 m. We use the monitor’s 56, because it is the council record; the gap may reflect how a plant or rooftop level is counted. The monitor also lists 120 car spaces and 715 bike spaces across the site, and the outlet reports a 3,684 sqm supermarket plus 2,198 sqm of specialty retail. Heights exceed the original masterplan. Urbis argues the built-form context has changed considerably over two decades.

What’s next

The application is undecided. Staging is proposed in three parts: basement, podium, retail and the first student tower, then the second student tower, then the apartment tower. A possible linear park in the Bouverie Street road reserve would need to be developed with the City of Melbourne. More on the state’s pipeline is in our Victoria coverage.