- Stage one of Charter Hall's three building project has reach completion
- The commercial building has reached 95% leasing commitment
- $350 million Westmead Innovation Quarter is now home to Western Sydney University
Western Sydney University (UWS) has moved into its new campus site within Charter Hall’s $350 million Westmead Innovation Quarter known as iQ.
The news comes as Stage 1 of the project reaches practical completion. Once complete, the facility will span three towers and comprise mixed-use research, health, commercial and retail space.
Only one suite (650 sqm) within this first building is still on the market for leasing. The commercial building within the iQ precinct reached 95% leasing commitment before practical completion was reached. JLL and Resonate Partners were appointed to manage the leasing of the 43,000 sqm commercial space at iQ together.
JLL’s Office Leasing NSW Senior Director, Stephen Panagiotopoulos believes that Western Sydney is amid a medical boom with the market previously starved of medical investment.
“State of the art developments such as iQ are driving health related industries to the area, with private sector ‘off-shoots’ of the larger life sciences operators increasingly occupying space.”
Stephen Panagiotopoulos, Office Leasing NSW Senior Director JLL
Tennants include WSU medical research organisations including the MARCS Institute, NICM Health Research Institute and Translational Health Research Institute (THRI). But the building will also be home to CSIRO and WentWest.
“While still in its infancy, the Western Sydney life sciences cluster is home to synergistic occupiers including universities, hospitals, and other patient-orientated medical services,” Mr Panagiotopoulos said.
In 2018 the NSW Government released the most recent Greater Sydney Regional Plan which reaffirmed Bankstown as a priority health and education precinct, committing $1.3 billion to redevelop the Bankstown-Lidcombe Hospital on a new site.
JLL’s Office Leasing NSW Associate, Maria Mangcoy said unprecedented investment to meet the community’s healthcare needs has created a flurry of activity in Western Sydney sub-regions.
“Innovation districts drive collaboration between scientists, doctors, academic researchers and professional technicians, creating more education and employment opportunities for south-western Sydney communities and boosting the local workforce,” said Ms Mangcoy.