Global property player Lendlease’s race to refocus its efforts on Australia has been given a handy boost, as it wins approval for a $1.7 billion project in central Melbourne involving rental housing, student accommodation and office space.

Given the green light by state planners, the project will occupy a 3.2-hectare site next to Queen Victoria Market. The development includes a 28-storey office building, about 560 build-to-rent apartments along with a component of affordable housing, and 1100 student residences.