Penrith Progression sparks major development

Penrith Progression sparks major development

Friday, 15 May 2015

The former Panasonic site in Penrith, also known as the Parkview site, has been sold to SHMH Developments Pty Ltd., an Australian based company with extensive international experience in residential and commercial development.

When announcing the purchase, the company stated that a major influence was Penrith Council's work on defining the future of the city with the release of the Penrith Progression - A Plan for Action. The company acknowledged that Penrith has the right ingredients for the transformation of the existing city centre into a major regional hub for business, health, employment, education, logistics and more importantly residential development.

"Future apartment housing, close to the city centre, has been a focus for many stakeholders throughout the development of the Penrith Progression Action Plan," said Mayor Ross Fowler OAM.

"The new owners of the Parkview site are committed to quality development strategically located close to public transport, recreation, cultural facilities and a regional shopping centre. This is an exciting development which complements our community's vision for the future of Penrith," said the Mayor.

The new owners will now work with Penrith City Council (having regard to current approvals that have been issued) to develop an iconic site, which will be master planned to ensure a high quality residential development and support facilities.

A previously approved concept plan provides for a five stage residential and retail mixed use development. Under this approval the development will include apartments and retail areas. There is also provision for a public plaza and open space areas, and on-site parking for residents and visitors.

"While the  concept allows for the initial development of 570 apartments, Council is committed to work with the new owners to refresh the concept and get a development befitting the site's strategic importance," said Mayor Fowler.

The company expressed its support of Council's leadership and the desire to ensure that Penrith develops as the Growth City, the heart of the New West.

SHMH Developments Pty Ltd has also acquired property in Waterloo, Eastwood and Elizabeth Bay and all sites are being reviewed for development potential. However it is envisaged that Penrith will be their flagship development.

Information contained within this news release was correct as at Friday, 15 May 2015.