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PENRITH DEVELOPMENT HOT Featured
26 August 2016 Posted by 

PENRITH DEVELOPMENT HOT

Investors embrace New West vision

INVESTORS are embracing Penrith City with more than $3.5B in DAs being determined in Penrith over the past five years.

And there is another $2B in current applications.

Penrith Mayor Karen McKeown said these developments, coupled with the future Western Sydney Airport and the $2.55 billion Sydney Science Park at Luddenham, ensure Penrith’s future as the heart of the New West.

“We are seeing an unprecedented influx of private investment in Penrith City. The value of development applications determined almost doubled, from $589M to $1.2B, in the last financial year,” Cr McKeown said.

The Western Sydney Business Chamber, along with Penrith Council and sponsors, hosted more than 150 delegates at a ‘State of the Cities – Penrith’ event held at Penrith Panthers in August.

The audience were given an overview of the blueprint for the Penrith City Centre – which includes six Opportunity Precincts and seven key development sites.

“Council owns 47.8 hectares of City Centre land,” Cr McKeown said. “As a key landowner, Council has the capacity to directly leverage positive change by strategically using publicly owned land to unlock the City’s potential.”

The audience were also shown flythrough views of the $650 million Thornton development, master planned by UrbanGrowth NSW for north of Penrith Station, and Celestino’s $2.55 billion Sydney Science Park to be developed at Luddenham.

City Centre apartments for a changing population

Development activity is delivering diverse housing options for Penrith’s growing population – which is expected to increase by 60,000 and reach 260,000 by 2031.

“Council has seen as significant increase in development applications for apartments in the City Centre,” Mayor Karen McKeown said.

In the past 12 months, Council has approved DAs for 2050 town houses, units and apartments. Apartments continue to sell 'off the plan, indicating interest is high.

Sixty-five per cent of Penrith residents leave the City each day to find work.

Penrith Mayor Karen McKeown and the Western Sydney Business Chamber said this loss of talent and productivity presents a huge opportunity for local job creation and it’s time for state and federal governments to relocate public jobs to Penrith.

 



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Western Sydney Business Access (WSBA) covers the business and community issues of the Greater Western Sydney region of Australia. WSBA is the popular media source for connecting with the pulse of the region and tapping into it's vast opportunities and networks.