The Westmead precinct in Sydney- a lighthouse precinct that is rapidly transforming into a thriving innovation hub
JLL discusses the changing face of Westmead and how the $5.8 billion investment into the Westmead health precinct is set to reinvent the office market
SYDNEY, 14 September 2020 – Situated approximately 26 kilometres west of the Sydney CBD is the Westmead Health Precinct- a Lighthouse Precinct that will support the NSW’s Government’s vision for a world-class health, education and research precinct.
The Global NSW Government Plan is taking an active role in the development of Lighthouse Precincts across NSW. These precincts include, the Western Sydney Areotropolis, Westmead Health and Innovation Precinct, Sydney Innovation Precinct, Parkes Special Activation Precincts and Wagga Wagga Special Activation Precinct will aim to eliminate growth barriers, improve planning and encourage investment.
JLL’s Western Sydney’s Senior Leasing Director, Stephen Panagiotopoulos said, “Lighthouse Precincts have the potential to have global pivotal impacts as well as play a key role in delivering a strong economic influence across NSW.”
“Regional NSW is the largest, most diverse regional economy in Australia, producing one third of the total NSW Gross State Product, with thriving agriculture and mining industries as well as strong manufacturing, energy, tourism and service sectors. These factors in turn will likely draw world-leading businesses and investors towards Lighthouse Precincts,” Mr Panagiotopoulos said.
Healthcare is one of Australia’s fastest growing sectors and its epicenter is in the heart of Westmead. The Westmead Health Precinct is one of Australia’s largest health and bio-medical research precinct. The NSW Government of Planning, Industry and Environment (DP&E) has determined two distinct areas in Westmead that include the health and education area situated north of the rail line and the residential area located south of the rail line.
According to the NSW Government’s Westmead Redevelopment project, more than $3 billion has been committed by the Government, universities and the private sector to upgrade and expand the precinct’s health services, education and medical research facilities throughout the coming years.
JLL together with Resonate Partners have been appointed to lease the Innovation Quarter (iQ) at 158-164 Hawkesbury Road, Westmead- an A-Grade development comprising of 43,000 sqm of mixed-use research, health, commercial and retail space across three towers.
Mr Panagiotopoulos said, “iQ will be a multidisciplinary research space that allows collaboration between businesses, health and research- a ‘living lab’ that fosters the sharing of knowledge and resources. Westmead is a flagship for highly specialised and integrated health, research, education and innovation.”
“Two research institutes within the Western Sydney University have already committed to making iQ home including, The MARCS Institute for Brain, Behaviour and Development and the Translational Health Research Institute. These pioneers in health and technological advancement exemplify the quality of businesses and organisations that will look to occupy iQ.”
A new metro station is planned for Westmead as part of Sydney Metro West, providing fast, safe and reliable rail to major hubs including, Parramatta, Sydney Olympic Park ad Sydney CBD. The future Parramatta light Rail, due for completion in 2023, will also run north-east through Westmead providing a connection to the Parramatta CBD.
"Westmead is the focus of unprecedented investment. A combination of new property development and infrastructure ensures strong growth and a supported community. iQ is connected to everything that makes Westmead the heart of Australia’s health, research, business and education community,” Mr Panagiotopoulos said.
“Construction for the iQ tower has now commenced and is being developed in partnership between major fund manager Charter Hall and Western Sydney University who believe in the long-term future of Western Sydney. It is great to see that the investment into Western Sydney and more specific Westmead is relatively immune to COVID-19 with investment continuing from the Government, the private sector and major groups noticing the advantage of investing and being part of this exciting, world class precinct,” Mr Panagiotopoulos concluded.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.