Penrith’s potential to become “Sydney’s third CBD” continues to fuel unprecedented investment, with another prime parcel of land being approved for urban development.
Construction of ‘Penway Place’, between Union Road and High Street, is due to begin in 2020 and will feature two towers offering up to 187 residential apartments plus a vibrant public plaza and retail precinct.
Set to become the ‘New West’, Penrith is fast transforming into Sydney’s third CBD, according to TOGA, the developer behind the project.
“Penrith offered a unique opportunity for TOGA to contribute to one of NSW’s fastest-growing cities,” CEO Fabrizio Perilli said.
“With over 60,000 new residents expected in Penrith by 2031, we are proud to deliver on the demand for new housing in the area and build a highly sought-after community at Penway Place.”
Propelled by the proposed Western Sydney Airport and Aerotropolis and Sydney’s north-south growth arc, Penrith presents a significant opportunity for buyers looking to invest or live, Mr Perilli said.
“It’s an affordable area and ideal location, which is experiencing an investment in surrounding infrastructure,” he said.
“These combining factors will drive growth and make Penway Place an excellent opportunity for first-home buyers, downsizers and investors alike.”
The first stage of the larger masterplan for Penway Place will comprise two residential towers – a total of 12 and 15 storeys in height – rising above a three-storey podium, featuring ground level retail and three levels of car parking.
Director of SJB Architects Nick Hatzi said the convenient gateway location – on the doorstep of Westfield, The Joan and an easy walk to Penrith Station – lent itself to a major development.
“Penway Place’s prime location within the Penrith community meant we were able to design a new landmark for Penrith City, with open, lively and connected spaces for everyone to enjoy,” he said.
The $63.5 million development will offer a mix of one, two and three-bedroom apartments, some with views to the Nepean River and Blue Mountains, plus a community garden, gym, multi-purpose kids’ playroom and an outdoor dog park.
The site was used for residential purposes up until 1961 when it was redeveloped as a car yard.
Stage 1 is is expected to be complete by mid-2022.
Alena Higgins is the Weekender’s Senior News Reporter, primarily covering courts and Council issues.