Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised real estate investor Wentworth Capital on its partnership with Sydney University to develop a A$500 million life sciences hub at its Camperdown precinct, seen as one of the most significant moves in this emerging sector to date.
As tenant under the agreement, Wentworth Capital will take a 99-year lease on Sydney University’s Medical Foundation Building. It will be transformed into a 30,000 sqm Biomed, Science and Innovation Campus (Campus) and upon completion will house over 1,200 biomedical, clinical and industry researchers and scientists.
The world-class Campus will complement the Sydney Biomedical Accelerator, a partnership between Sydney University, the Sydney Local Health District and NSW government in collaboration with Centenary Institute.
Led by partners Paul Carrick and Andrew Hewson, Corrs advised Wentworth Capital on all aspects of the agreement. The team was supported by special counsel Penny McCawley and associate Belle Buchanan.
Corrs’ head of real estate Paul Carrick said: “We have worked with Wentworth Capital since its inception and congratulate the Wentworth Capital team on its exciting partnership with Sydney University. The life sciences sector is heating up in Australia, following the lead of US and Europe where there has been significant levels of activity.
“There is great potential for real estate in this space and we expect to see an uptick of deals inked in the coming months. The partnership between Wentworth Capital and Sydney University resembles a strategic response to the demand for a growing real estate sector.”
Wentworth Capital’s managing director Alastair Nash said: “The Campus will provide space for leading private sector companies, scaleups and startups to co-locate, providing direct access to a unique global concentration of biomedical research talent and a dedicated science and innovation community.”