Charter Hall Group, through its Direct Office Fund, signed a joint venture agreement with the Western Sydney University and the University of New South Wales for the development of a A$280 million engineering innovation hub in the central business district of Sydney's Parramatta suburb, The Australian reported.

The cost of constructing the vertical campus intended for the site at 6 Hassall St. will be divided evenly between Western Sydney University and the Australian property group, according to the Oct. 10 report.

The project that was announced by New South Wales Premier Gladys Berejiklian on Oct. 9 will have 27,000 square meters of net lettable area that are pre-leased to Western Sydney University. Works on the development are expected to begin in early 2019, with completion slated for 2021, the publication added.