ASX-listed fund manager Charter Hall has announced plans to develop a $280 million Engineering Innovation Hub in Parramatta.
The proposed development, which will be located at 6 Hassall Street, will be tenanted by WSU and UNSW, catering to engineering and architecture students through a vertical campus offering.
The high-rise engineering hub and commercial office tower will provide 27,000sq m of lettable area.
In an Australian first, the education and commercial office project's agreement has enabled Charter Hall's $1.5 billion Direct Office Fund (DOF) and WSU will take equal stakes to develop and co-invest in the vertical campus.
It is the second time Charter Hall and WSU have collaborated in Parramatta.
The university already occupies the recently developed 26,500sq m 1PSQ, which is owned by two Charter Hall funds.
“Charter Hall is excited to again be partnering with WSU to deliver Parramatta’s newest integrated education and commercial office development in a new high performance, technology enabled learning facility for the WSU and UNSW Engineering faculties,” Charter Hall managing director David Harrison said.
The Hassall Street acquisition is consistent with DOF’s investment strategy, with a string of high quality commercial office buildings in Sydney, Melbourne, Brisbane and Perth with over 99 per cent occupancy.
“As one of the leading owners, managers and developers of education precincts, we have gained deep knowledge by listening to and collaborating with our development partners which will provide us with valuable insights as the joint venture partners deliver to western Sydney the education precinct of the future,” Harrison said.
The newly proposed engineering hub will entice world-leading research and innovation to the region, providing critical support to the Government’s ambitious goal of creating 200,000 knowledge jobs in the West.
Construction is expected to commence in the first quarter 2019 and anticipated to be completed by 2021.