Development approval for two mixed use towers has been granted to Charter Hall and Western Sydney University, as part of stages one and two of the $350 million Innovation Quarter (IQ) precinct at Westmead.
Richard Crookes Constructions was appointed as the construction partner to deliver the Innovation Quarter precinct.
The development aims to create a hub for innovation in health, education, research and business and elevate the western Sydney suburb’s status as an advanced innovation district.
Westmead is the focus of a significant amount of growth, with a planned investment pipeline for more than $5.8 billion over the next decade.
Located between the hospital and Westmead station, the towers will provide 28,000 of health, research, education and commercial space. Additionally, 2000 square metres of retail space, lifestyle facilities and amenities will be included, including a proposed fitness centre, supermarket, parking and childcare.
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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.”
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 has committed to an initial 15-year lease term for two of its research institutions – the MARCS Institute for Brain, Behaviour and Development and the Translational Health Research Institute.
The project is expected to be completed in Q4 2021.