“The value of development applications determined almost doubled, from $589 million to $1.2 billion, in the last financial year,” said Penrith Mayor Karen McKeown, at the State of the Cities – Penrith event.
“Apartments continue to sell off the plan indicating interest is high,” she told more than 150 delegates, at Penrith Panthers.
“Downtown living will serve the growing and diverse needs of our changing population and with each new resident spending nearly $35,000 on average each year, our local economy will continue to thrive.”
The current investment boom continues the trend of recent years.
Delegates were told the in the past five years more than $3.5 billion in DAs had been determined in Penrith and there was another $2 billion in current applications.
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,” Clr McKeown said.
“Council owns 47.8 hectares of City Centre land (and) 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.”
Clr McKeown called on Canberra and Macquarie Street, in Sydney, to follow suit
“Penrith is at the heart of the North West and South West growth centres – Australia’s fastest growing region,” she said.
“It’s time for the state and federal governments to invest in our city, like the private sector is.”
NSW Business Chamber Western Sydney director, David Borger, said the transformation of the CBD had the potential to attract new retail and office jobs including public service jobs.
The Western Sydney Business Chamber, along with Penrith Council and sponsors, sponsored the event.
