Western Sydney University has tied up its third major deal with listed property group Charter Hall to codevelop a $350 million innovation-focused hub in western Sydney, set to become “Australia’s leading research, health and commercial precinct”.
The new health and medical precinct at Westmead, west of Parramatta, will comprise three mixed-use towers with more than 38,000sq m of space for these uses as well as retail 4,000sq m of facilities.
Charter Hall and WSU are jointly developing a commercial-research campus on land owned by the university aiming to achieve five star Green Star and NABERS energy targets, WELL Shell and Core enabled and hotel style end of trip facilities.
The university subdivided the site and sold some of the land with a requirement that the buyer include low-cost student accommodation on the site, hoping to tap into the new high-growth location.
The university has committed to an initial 15-year lease term for stage one of the Westmead project and will occupy approximately 50 per cent of the research and office space.
“With one third of Sydney’s labour market in Science, health, engineering, mathematics and IT in Westmead, this new visionary development is the catalyst to transform Westmead into Australia’s most advanced innovation district,” Charter Hall head of office development Andrew Borger said.
The latest venture comes as the pair are also working together on a $280 million engineering innovation hub in Hassall Street, Parramatta, creating 27,000sq m to be tenanted by WSU and UNSW.
WSU earlier teamed with Charter Hall, which delivered its 26,500sq m Parramatta City campus at One Parramatta Square, which is owned by two funds run by Charter Hall and rented by the university on a long lease and included university-related commercial tenants.
The western Sydney hub was identified as a key part of the future development of Sydney under plans unveiled in 2016 by the Greater Sydney Commission.
At Liverpool, in Sydney's south west, the university has taken a long-term lease on a building for a social science and nursing campus.
In Bankstown, WSU is working with the local council to find a developer for a community, health and education campus which the university will lease.
Sydney University is also spending half a billion dollars on a new health and education campus at Parramatta in a joint project with the NSW government.