Unique High Street commercial and residential offering hits the market

An artist’s impression shows the new developments at the right and to the rear.
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After the Development Application (DA) was approved by Penrith City Council last year, space in the first of two buildings aiming to provide more commercial and residential space on High Street has officially entered the market.

The $20.5 million development of 342-350 High Street will see a strip of well-known buildings demolished to instead make way for two buildings, with Building A a strata mixed-use development fronting High Street, and Building B home to serviced apartments, situated at the rear of the site and fronting John Cram Place.

According to John Henry, Director, Sales and Leasing at Raine & Horne Commercial Penrith, the mixed-use development in particular, which has gone live this week, will be revolutionary for the area.

“High Street hasn’t really had any significant development for a long time. Even generally in the Penrith CBD, there hasn’t been any brand-new development that’s hit the market for sale,” he said.

“The most recent ones were the Belmore building, and 84 Henry Street, which are great, but they’re for lease.

“We put this up with the intention of selling the majority of the different levels and suites and shops, so that in itself is unique because it’s a different offering for purchase rather than lease, which is what historically the Penrith CBD has basically only offered for new developments.”

The bottom portion of the building will be four levels of commercial space, which Henry believes will be a mix of professional services and pure retail offerings, as well as a café.

With two prominent Penrith businesses already committed to the development, he affirmed that interest in the development has been strong.

“It’s only been up for a week, but we’ve got serious interest in pretty much all of the shops on the ground floor, and we’ve got some interest on a whole level – level one or level two – and also some interest in half a floor as well,” he said.

“Reception from the market has been strong in the early stages.”

The development will also include 54 basement car spaces, and three penthouse style apartments – two on level five, and one on level six.

Two of these have already sold, with Henry adding that the remaining listing would best suit someone looking for a CBD lifestyle, given they’re housed right in the heart of Penrith’s business district.

“There’s not really any apartments at the moment that are bang smack in the middle of the CBD on High Street,” he said.

“It would suit a businessperson, or just someone who wants to walk to everything that they need to support their lifestyle, whether that’s restaurants, a shopping centre, bars, clubs, pubs – everything!”

Set to begin construction in the later half of this year, and completed in early 2026, Henry said he hopes this is just another step in the right direction for Penrith.

“We’re just looking to get good quality businesses into the building, and add another hopefully significant and substantial development to the Penrith CBD, and keep moving Penrith in the right direction and modernising the business district,” he said.

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