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The first stage of the $350 million Westmead Innovation Quarter (iQ) has officially opened, delivering a world-class precinct that is expected to transform business, health, education and research in Western Sydney.
A joint venture between listed property investor Charter Hall (ASX: CHC) and Western Sydney University, iQ is located in the Westmead Health and Innovation precinct which is already home to some of the world’s leading research organisations including the university’s MARCS Institute for Brain, Behaviour and Development and the NICM Health Research Institute.
These institutes are co-located with CSIRO, Telstra Health, WentWest and Psych Central, providing a springboard to foster new ideas and inspire innovative research collaborations.
When full completed, iQ will comprise three towers delivering a total floor area of 43,000sqm, including 4,000sqm of retail space and basement car parking and 39,000sqm of A-grade office space for research, health and commercial purposes.
The east and west towers will share a central square, offering cafés, restaurants, bars, and boutiques to deliver an alfresco lifestyle destination for Westmead.
The Federal Minister for Industry and Science, Ed Husic, officially opened the first stage of Westmead iQ this afternoon.
Western Sydney University Vice-Chancellor Professor Barney Glover describes Westmead iQ as a ‘major commitment’ by the university to create a unique research ecosystem to find solutions to some of the nation’s most pressing and persistent healthcare challenges.
“Together with Charter Hall we have developed a ground-breaking research and development facility that draws together leading scientists, clinicians and researchers who can partner with communities, industry and government to deliver unparalleled health and medical outcomes, as well as new commercialisable devices and platforms,” says Glover.
“Set within Australia’s largest concentration of hospital and healthcare services, iQ will elevate Westmead’s status as one of the world’s most advanced health and innovation precincts.
“We are delighted to partner with Charter Hall to deliver this truly transformational research infrastructure that will no doubt be a catalyst to drive even more investment, research development and employment growth not only for our Greater Western Sydney region, but for the nation.”
Charter Hall Office CEO Carmel Hourigan says stage one of the facility is fully leased.
“Westmead Innovation Quarter has already received strong interest from sectors spanning medical research, biotech and government, as we commence stage two and get under way with planning for stage three,” he says.
“It’s exciting to see the first stage of this innovative precinct open its doors to some of the brightest minds in Australia to collaborate, innovate and to continue making significant, positive contribution to Australians and potentially, the world.
“Working closely with our valued partner Western Sydney University, we have created a world-class precinct that will transform business, health, education and research.”
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