The former Masters site on Mulgoa Road is to be turned into a homewares and electrical needs retail centre and is set to open before Christmas.
Home Consortium, which acquired the Masters sites last year, is redeveloping the centres across the country and creating a national retail portfolio.
David Di Pilla, Home Consortium Chairman, said the sites have been developed to best suit their location’s demographic and consumer demands, with many retail spots inside already leased out.
“Home Consortium is a best of brand retail proposition that has been conceived and created in partnership with leading national retailers,” he said.
“The key focus is a convenient, value for money retail experience.
“The leasing success and ongoing lease enquiries we have received reflect the fact that retailers have been able to work with us as a single developer/landlord to plan and secure their store roll-out and growth strategies across a number of Australia’s key growth regions nationally.”
The Penrith site will see more homewares and electrical stores open shop as the region rapidly expands with new homeowners and a growing population.
Located just over a kilometre away from the Penrith Homemaker Centre, the Home Consortium site is set to drive increased competition, providing more choices for customers.
“Home Consortium has been encouraged by the enthusiastic and constructive response by local councils and state planning authorities to our redevelopment proposals,” Mr Di Pilla said
“We are pleased with the progress we continue to make given the wide range of locations and planning authorities involved.”
Working with a panel of four construction firms on the first 10 centres that will open before Christmas this year, Home Consortium said the Penrith site is currently on track to open in November, just in time for the Christmas rush.
Home Consortium purchased the Masters stores, including sites at St Marys and Penrith, in August last year after parent company Woolworths announced the sale of the hardware chain just days after the spectacular grand opening of their Penrith store. More details are likely to be known in the coming months.