There’s been a new twist in Penrith City Council’s controversial decision to purchase the former ‘Rocla’ site in Emu Plains three years ago.
Council last week announced that the site had been sold to Australian owned industrial developer Akura.
It is understood the sale netted $77 million.
Council controversially bought the land at 158 -164 Old Bathurst Road in 2021 for $50 million with the aim to produce a local industrial site and boost community jobs.
Council will now pass on all operations to Akura to deliver the proposed industrial hub.
Last week a Development Application (DA) lodged by Penrith City Council was approved which will see the site become an industrial centre with plans to subdivide the land.
Sydney Western City Planning Panel was brought in to independently assess the DA lodged by Council.
Penrith Mayor Todd Carney expressed how the subdivision of the site will provide more local job opportunities.
“The sale of 158 – 164 Old Bathurst Road, Emu Plains is a fantastic outcome which aligns with our strategic vision for the site,” Carney said.
“The development of the industrial subdivision will provide much needed space for industrial businesses as well as generating local employment opportunities during and post construction.”
Council has confirmed that the funds made from the sale will be used to deliver other services across the Penrith community.
“This is a positive outcome for the community as the proceeds from the sale will be reinvested,” Carney said.
“This will allow Council to continue delivering high-quality services across the local government area as well as projects that will support current and future generations.”
The industrial subdivision plans are set to cost over $10 million and will produce a range of commercial lots.
“The proposed development includes the construction of new intersections, internal roads, and creation of 40 industrial lots for future development consistent with the zoning and one lot designated for storm water drainage infrastructure,” the Statement of Environmental Effects (SEE) attached to the Development Application said.
Akura’s Development Director, Matt Jordan, shared how the subdivision plans will provide a range of options for investors.
“The subdivision provides a range of lot sizes and will include turnkey warehouse and office facilities providing flexible options for occupiers and investors alike,” Jordan said.
The SEE also outlines plans to construct new access pathways to the site.
“The proposal includes two new intersections to access an internal road system and the proposed lots, which will not have direct access to the adjoining Old Bathurst Road or David Road,” the SEE said.
It is expected the settlement will be finalised in June, 2024.
