Charter Hall and Western Sydney University have been granted development approval for two mixed use towers as part of stages one and two of the $350 million Innovation Quarter (IQ) precinct at Westmead.
Richard Crookes Constructions have been announced as the appointed construction partner to deliver the Innovation Quarter precinct.
The works are aimed at developing a hub for innovation in research, health, education and business to propel the Western Sydney suburb's status as a technologically advanced innovation district.
With a planned investment pipeline of more than $5.8 billion over the next decade, Westmead will spearhead a significant amount of growth in the region over the next decade.
Positioned between the Westmead station and hospital, the towers will provide 28,000 square metres of education, health, research and commercial space. An additional 2000 square metres of retail space, amenities and lifestyle facilities will also be included in the works, as well as a proposed supermarket, fitness centre, childcare and parking.
Charter Hall’s Managing Director and Group CEO David Harrison said the development approval and commencement of construction works was an exciting step forward for the project.
“There’s never been a more important time to focus on health research and innovation, and this project collaboration with Western Sydney University will deliver critical infrastructure to support this,” Harrison said.
“Over 1,000 jobs are also being created by the project, which is vital for Australians and our economy at this time.
“IQ will create a truly visionary precinct that brings together the most forward-thinking research, health education and commercial sectors in the Southern Hemisphere. The project will provide an environment for some of the brightest minds in the country to innovate, create opportunities for collaboration and solve global challenges in the heart of Westmead.”
Western Sydney University Vice-Chancellor and President Barney Glover said continued research, educational and commercial investment in Westmead is critical, not just for the success of the precinct, but in driving the COVID-19 mitigation and recovery phases ahead.
“This approval sends a vitally important signal that innovative public-private initiatives like Innovation Quarter are well placed to navigate the challenging terrain ahead,” Glover said.
“The Westmead collaboration with Charter Hall, is part of a wider program of infrastructure stimulus initiatives the University is pursing with the Group and other public-private partners at Bankstown, Campbelltown, Liverpool, Parramatta and Werrington.
“Western Sydney will bear much of the brunt of the current challenges, and we must equally be prepared to drive recovery. The University and partners like Charter Hall are committed to that task.”
Western Sydney University has committed to an initial 15-year lease term for two of its research institutions - the Translational Health Research Institute and the MARCS Institute for Brain, Behaviour and Development.
The project is scheduled for completion in the second half of 2021.
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