$30m Western Sydney site has $417m potential for transformation
61-79 Henry St, Penrith NSW
Investors and developers have expressed interest in a 16,000sqm site that has the potential to be transformed into a mixed-use development that could be worth $417m once completed.
The Henry Lawson Centre is owned by The Australian Foundation for Disability and is being developed via Afford, with price indications in the high $30m range.
Situated in the heart of the Penrith CBD, the site has a Voluntary Planning Agreement that would permit a mixed-use scheme to be built.
The Penrith site has been listed for sale in the high $30m range.
The site at 61-79 Henry St, Penrith is available for commercial sale via an expressions of interest campaign that closes on the 29th May.
Feasibility studies undertaken by Afford as part of their planning proposal indicate the entire development would be valued at $417m once completed.
Colliers agents Frank Oliveri and Jordan McConnell believe this would allow for the creation of a hotel tower with a residential development that includes retail and commercial spaces.
A Voluntary Planning agreement is underway that would permit the construction of a mixed-use scheme.
“The diversified development opportunity is set to cater to developers looking to achieve bulk and scale, while benefiting from significant existing improvements and income,” Mr McConnell said.
“Sydney is the most mature apartment market in Australia (based on the number of apartments and overall proportion of dwelling stock in the form of apartments) and the demand for apartments continues to increase. This is particularly prevalent in Western Sydney,” Mr Oliveri said.
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The 16,000 sqm site is owned by The Australian Foundation for Disability.
Penrith Council green lit Afford’s major planning proposal in July 2021, with the developer forecasting the creation of a series of outdoor spaces including a public park and new community facility.
With significant population growth forecast in the region, the council estimated 6,000 homes were needed between 2021-2026, with a further 11,000 required in 2036.
If fully constructed, developer Afford believes the site would be valued at $417m.
If the current plans are enacted, it would result in approximately 455 dwellings with a percentage of these set aside to be affordable and accessible for both senior citizens and people with disabilities.
“The site presents opportunity to deliver residential accommodation at scale in order to cater to a growing demand for housing in the area but also provides opportunity to integrate retail and community infrastructure into one master planned project.”
A percentage of the constructed dwellings would be set aside for affordable and accessible housing for both senior citizens and people with disabilities.
“Consistent with the plans and vision for the urban activation of the city centre the proposal would include retail and commercial spaces in the two-storey podiums that will activate the public domain and encourage a night-time economy.”
