UNSW, Western Sydney Uni to create Parramatta ‘vertical campus’
A deal between Charter Hall and two Sydney universities will result in the development of a $280 million engineering innovation hub in Parramatta’s CBD in the city’s west.
The educational and commercial space will be a joint venture between the Charter Hall-managed Direct Office Fund, Western Sydney University and the University of NSW.
NSW Premier Gladys Berejiklian announced the plan for the site at 6 Hassall St this week.
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Charter Hall chief executive David Harrison says the deal will offer students a more enriched learning environment.
“Western Sydney University have been visionary in their pursuit of creating new ways for students to learn, and in partnership with Charter Hall and UNSW are leading the education sector in partnering with industry to create long-term value for their students and the community,” Mr Harrison said.
Western Sydney University and Charter Hall will evenly split the costs of development, making the university a co-owner.
This will be the first deal of its type for an Australian educational institution.
The high-rise commercial tower will be an environmentally sustainable integrated education space, skewed towards engineering and business courses.
Work on the development is slated to begin in early 2019 and is expected to be completed in 2021.
Deemed a “vertical campus”, a significant portion of the tower’s 27,000sqm net lettable area is already subject to a pre-lease agreement with Western Sydney University.
The new campus will house the university’s joint undergraduate program with the University of NSW, alongside Western Sydney University’s architecture and business courses
Western Sydney University vice-chancellor Barney Glover says the engineering degree will bring world-leading research and innovation to the region, providing critical support to the government’s goal of creating 200,000 knowledge jobs in the west.
“Through this joint venture, Western Sydney University and UNSW will harness emerging technologies and opportunities at scale to deliver a highly progressive, industry-engaged engineering course in Australia’s fastest-growing region,” he says.
The project marks the second collaboration between Western Sydney University and Charter Hall. Named One Parramatta Square (1PSQ), the 14-storey development was another initiative by Western Sydney University to reinvigorate is learning spaces. Opened last year, the building caters for more than 10,000 business students.
Charter Hall Direct head Steven Bennett says the joint venture will open further opportunities. “We are pleased to extend our partnership with WSU from 1PSQ to this new integrated education and commercial office development,” he says.
This article originally appeared on www.theaustralian.com.au/property.
