343 Royal Parade Parkville Revitalisation Project

Monash University is revitalising 343 Royal Parade to provide a new home for the Monash Institute of Pharmaceutical Sciences (MIPS).

Construction is underway – marking a major milestone in the delivery of state-of-the-art research facilities for the Monash Institute of Pharmaceutical Sciences (MIPS).

MIPS is a leading research institute that drives the discovery and development of new and improved drugs and enhances the safe and effective use of medicines.

The revitalisation will create world-class facilities where cutting-edge technologies will enable research and development, including the exploration of next generation medicines.

MIPS is currently based at the University’s Parkville campus, which is in the heart of the internationally recognised Melbourne Biomedical Precinct. Keeping the institute within this area is critical to its effectiveness, as it supports collaboration with other researchers and helps ground-breaking research be translated into new medicines.

More about the project

The existing building is outdated and does not meet current building standards. The project involves stripping the building back to its structure, a complete internal renovation and a new facade.

Additionally, the project aims to enhance sustainability through energy-efficient design and environmentally-responsible construction practices.

Kane Constructions is delivering the project. Construction commenced in March 2025 and completion is expected by 2027.

The University is working with Kane Constructions to minimise impacts on neighbours and ensure the project is delivered to the highest standards.

Learn more

The project team can be reached at 343royalparade@monash.edu.