A development application lodged with ACTPLA outlined the proposed building, consisting of almost 300 apartments across an eight-storey main wing and five-storey annex, connected by bridge links.

Vice-chancellor Stephen Parker said the development would be funded partly by a National Rental Affordability Scheme grant from the Commonwealth, as well as finance loaned from the ACT government.

He said a studio apartment in the complex was expected to cost about $225 a week, which would be ''within the range of normal student accommodation prices''.

''Accommodation is a big concern, about availability and cost,'' he said. ''We're hoping that these will come in as affordable.''

The proposal is part of the university's 2012 Campus Master Plan, which aims to provide 50 per cent of out-of-town students with on-campus accommodation by the end of 2015.

If approved the new building would have the potential to accommodate a further 417 students, bringing the total on-campus tally to 1916.

The eight and five-storey complex will house 297 apartments, ranging from standard studios to five-bedroom units. Retail and services would be spread across the ground floor on the block bounded by Ginninderra Drive, Haydon Drive, Aikman Drive and College Street.

Professor Parker said the facility would also benefit the wider community once opened by the beginning of the 2014 academic year.

''The more students that live in proper student accommodation, the fewer are out there in private housing … driving up the rental rates,'' he said.

Plans include three separate bike sheds and three new campus car parking areas, with 190 car spaces to replace the 134 currently on site.

At an estimated cost of $37.57 million, the proposal also includes the demolition of the existing car park and the construction of a new road.