This article is from the Australian Property Journal archive
CHARTER Hall and Western Sydney University have secured Australia’s scientific research agency, the CSIRO as a key tenant for their $350 million health and research precinct in Westmead, where construction kicked off this week.
To be known as the “Innovation Quarter”, or iQ, the hub will deliver over 43,000 sqm of health, education, research and business space, as well as create over 1,000 jobs during construction.
CSIRO will move research staff from its e-Health, Nutrition & Health program and Future Science Platform to the precinct. They will be joined by three of WSU’s research institutes – the MARCS Institute for Brain, Behaviour and Development, the NICM Health Research Institute, and Translational Health Research Institute.
WSU owns the land. The first building, of 11,000 sqm, is 75% pre-committed to the University and the CSIRO. Charter Hall’s Direct PFA Fund will have ownership rights for stage one.
The parties have already teamed up in neighbouring Parramatta. They have delivered the 26,500 sqm Parramatta City vertical campus at One Parramatta Square, owned by Charter Hall funds and leased to WSU, and are developing a $280 million engineering innovation hub at 6 Hassall St, where some 27,000 sqm of space will be delivered and occupied by WSU and UNSW.
“There’s never been a more important time to focus on health research and innovation. Our project collaboration with Western Sydney University will deliver a state of the art innovation centre to support the work of both the Western Sydney University and CSIRO’s medical research facilities,” David Harrison, Charter Hall’s managing director and group chief executive officer said.
WSU vice president (finance and resources), Peter Pickering said iQ would generate $150 million for the regional economy.
Situated between Westmead Hospital and Westmead station, iQ’s first two towers received development approval last year. There will also be 2,000 sqm of retail space and lifestyle facilities including food and beverage, a supermarket, fitness centre, parking and childcare.
New South Wales Minister for Jobs, Investment, Tourism and Western Sydney, Stuart Ayres said iQ will create unparalleled research, development and commercialisation opportunities to deliver significant health, social and economic benefits for Western Sydney.
“This new precinct will realise the NSW Government’s vision for the Westmead Health and Innovation District as a global centre where universities, industry and government will collaborate like never before to deliver health and medical research, education and training.
Richard Crookes Constructions has been appointed as the construction partner to deliver the iQ precinct in partnership with Charter Hall and Western Sydney University. Practical completion of the project is scheduled for the final quarter of 2021.
