Kurraba signs first tenants for Sydney life sciences hub
Tue, 5th May 2026 (Today)
Kurraba Group has signed SmartLabs, IWG and Thermo Fisher Scientific as the first tenants and partners for its ION life sciences precinct in Waterloo, marking a milestone for the AUD $490 million project as it moves into delivery.
Planned as Sydney's first dedicated commercial life sciences precinct, the development will provide more than 27,000 square metres of lab-enabled space across a multi-building site rising up to 10 levels. It is intended to support companies from early-stage research through to commercial-scale operations.
Central to the agreement is the arrival of SmartLabs in Australia alongside IWG, introducing a "lab-as-a-service" model to the local market. The model offers fitted, serviced laboratory space designed to reduce upfront costs and operating demands for biotech, medtech, deeptech, agtech and pharmaceutical groups.
Australia's life sciences sector has long faced a shortage of specialist laboratory space to support companies moving from research into clinical translation and commercial growth. In response, developers and investors have increasingly turned to dedicated science and innovation property to help close that gap and keep research activity and intellectual property in the country.
ION will combine specialist laboratories, flexible workspace, incubators and cGMP clean rooms within a single precinct in Waterloo, close to major health, research and academic institutions in Sydney. Buildcorp has been appointed to construct the project.
Nick Smith, Chief Executive Officer and Co-Founder of Kurraba Group, said the first tenant signings reflected broader confidence in the sector.
"ION represents a significant advancement for Australia's innovation and life sciences industry. By combining purpose-built infrastructure with leading global partners, we are creating the conditions for research to translate more efficiently into real-world impact.
"This is about enabling Australia to compete more effectively with established international innovation and life sciences hubs, attracting talent, investment and breakthrough companies to Sydney. Importantly, the precinct is designed to help keep Australian medical research and intellectual property onshore by providing the specialised facilities needed for startups, biotech, medtech, deeptech, agtech and pharmaceutical companies to scale locally," Smith said.
Flexible lab model
SmartLabs has built its business around providing laboratory infrastructure and operational support for research groups, while IWG operates flexible office and hybrid workspace brands in more than 120 countries. Their collaboration at ION is the first under a strategy to expand life sciences research centres internationally.
Brian Taylor, Chief Executive Officer of SmartLabs, said the Waterloo development was the company's first venture with IWG under that strategy.
"This project marks the first collaboration between SmartLabs and IWG under our new strategy to expand life sciences research centres globally, and we could not be prouder to launch it in Australia with Kurraba Group. Kurraba is an exceptional partner that shares our vision for building the next generation of research infrastructure.
"Together, we are bringing a differentiated model to the Australian market, designed to give biotech and biopharma companies in the region access to flexible, high-quality laboratory environments and the operational support they need to innovate and scale with greater speed, efficiency and control," Taylor said.
Mark Dixon, Founder and Chief Executive Officer of IWG, said the partnership extended the company's flexible workspace model into laboratory settings.
"IWG's portfolio of flexible workspace brands unlocks significant value for landlords, developers and our 9 million customers globally, providing access to the world's largest platform for work operating in more than 120 countries. Now, through our partnership with SmartLabs, we are bringing that same model to the world of science and innovation.
"This new offering gives our partners a powerful opportunity to meet growing demand for specialised lab environments without the complexity of building or operating them on their own. Together, we are enabling faster, smarter delivery of research-ready spaces in key innovation markets worldwide."
Sector support
Thermo Fisher Scientific will also join the precinct as a partner, adding a major scientific equipment and services group to the tenant mix. Its role is expected to support organisations across research, development and manufacturing.
Darren Verney, Director - Strategic Partnerships & Precincts, Thermo Fisher Scientific Australia and New Zealand, said the arrangement aligned with efforts to strengthen the local life sciences sector.
"At Thermo Fisher Scientific, our mission is to enable our customers to make the world healthier, cleaner and safer, and partnerships like this are fundamental to delivering on that in a meaningful way. By working with Kurraba Group, we are helping to create environments where scientists and innovators can accelerate life sciences research, solve complex challenges and ultimately bring new therapies and diagnostics to market faster.
"Through our global expertise and local presence, we support organisations across the full innovation lifecycle, from early discovery through to manufacturing, providing the technologies, services and operational support needed to turn scientific potential into real-world outcomes. This partnership is about building the infrastructure and ecosystems required to support that ambition and ensure Australia remains competitive in a rapidly evolving global landscape."
The precinct is intended to support the commercialisation of Australian research by providing technical facilities often unavailable in standard office developments. Kurraba manages a property portfolio valued at more than AUD $580 million, with several projects in development, and has positioned ION as a flagship investment in life sciences real estate.
The Waterloo project places Sydney in closer competition with established international science clusters, where dedicated laboratory infrastructure has become a basic requirement for biotechnology growth. In Australia, where many research teams have traditionally relied on university or hospital facilities, the emergence of private-sector lab space may reshape how startups and scale-ups decide where to grow.