Charter Hall to develop $240m research precinct

Charter Hall has teamed up with Western Sydney University to develop a A$350 million ($240 million) Innovation Quarter at Westmead focusing on health and research uses, reported The Australian Financial Review.

The new health and medical precinct at Westmead, west of Parramatta, will comprise three mixed-use towers with more than 38,000 square meters (409,000 square feet) of space for these uses, as well as 4,000 square meters (43,000 square feet) of retail facilities.

The venture has worked together in multiple projects. The firms are currently developing a A$280 million ($190 million) engineering innovation hub in Hassall Street. Another project is the 26,500-square-meter (285,000-square-foot) 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 which includes university-related commercial tenants.