Fraser Property Australia has been chosen to redevelop the 631-space Union Road car park into a multi-storey a mixed-use precinct as part of council’s aim to capitalise on the 47.8 hectares of public land in the CBD.
Council wants to use these sites to transform to grow the economy, attract investment, create jobs and draw residents.
Among the latest moves to change the dynamic of the CBD to a place in which to live, work and relax, is Fraser’s proposal which would make a significant change to the streetscape.
Council’s vision in calling for expressions of interest in 2015 was to create a vibrant urban village, with potential developers required to present innovative designs which also provided an extra 1000 public parking spaces in addition to the 631 currently on site.
A key feature of the proposal is six apartment buildings ranging in height from 17 to 34 storeys including retail and commercial space, a child care centre, public plaza and landscaped communal spaces.
Penrith Mayor, John Thain, in welcoming the endorsement of Frasers as the preferred proponent, said this was the first step in a lengthy and rigorous process – up to 12 months – for a proposed development with the potential to shape the future of the city.
"The proposed development will power a vibrant and dynamic nigh-time economy in the heart of our city centre, providing residents with immediate access to local restaurants, cafes, shops, businesses and transport links.
“Penrith isn't waiting for things to happen – our community is ambitious and has a vision to support the aspirations of new businesses, workers and residents.”
Penrith, self-described as the New West, regards itself as “a place, an attitude and a world of opportunities” and is prepared to leverage the potential of the city by using public land to transform the city centre.
Another example of the transformation of the city centre is the $75 million, eight-storey, 10,000-square-metre office building at 50 Belmore Street, which “will change the face of Western Sydney”, according to William Phillips, director, of the privately-owned property investment company Sandran Property Group.
The new building will be located directly opposite the upgraded Penrith bus and rail interchange, and a short walk to Westfield.
Sandran Property Group also owns the adjoining building leased to the tax office at 121 Henry Street, and this year completed a $35 million dollar refurbishment of the 15,000 square metre building, including a new 10,000 square metre fit-out for the tax office.
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