Private investors are flocking to Penrith City. In the past five years more than $3.5 billion in development applications has been determined and there is another $2.2 billion in current applications. The Western Sydney Business Chamber, along with Penrith Council and sponsors, hosted 150 delegates at a ‘State of the Cities – Penrith’ event held at Penrith Panthers on 24 August. Leaders, from business and major institutions, heard of the incredible opportunities that exist in Penrith – which sits at the very heart of the North West and South West Growth Centres. They heard that creating jobs close to home for the City's growing population is the priority. Read more
Western Sydney University Vice-Chancellor Professor Barney Glover, Sydney Water's General Manager Liveable City Solutions Paul Plowman, Deloitte Associate Director Ben Artup and Penrith Property Development Advisory Panel (PDAP) member and HomeWorld Chairman Mike Scott (pictured top) were part of a panel discussion at the State of the Cities - Penrith event on 24 August. Penrith City Council Assistant General Manager Craig Butler (pictured with NSW Business Chamber Western Sydney Director David Borger) spoke about the vision for Penrith - the Heart of the New West. Also pictured are Werrington House owner Jennine Leonarder-Collins with Western Suburbs Concrete’s Peter Vicary and Penrith Mayor Karen McKeown with Prof Glover.
Downtown living for a changing population
Development activity is delivering diverse housing options for Penrith’s growing population – which is expected to increase by 60,000 and reach 260,000 by 2031. There has been a significant surge in development applications for apartments in the City Centre. In the past 12 months, Council has approved DAs for 2,050 town houses, units and apartments. Apartments continue to sell 'off the plan', indicating interest is high. Each new resident spends nearly $35,000 yearly, contributing to Penrith’s thriving local economy. Click to watch a 7News story on how Penrith City is transforming
8 John Tipping Grove is the first high rise apartment building to be approved under Penrith’s new LEP. This development, by CGB Properties, was officially opened last month. The apartments sold off the plan. The $13.5 million project increased local jobs, with 93% of the suppliers and contractors coming from west of the M7 and approximately 65% from Penrith.
Push for public service jobs
Sixty-five per cent of Penrith residents leave the City each day to find work. Penrith Mayor Karen McKeown and the Western Sydney Business Chamber said this loss of talent and productivity presents a huge opportunity for local job creation and it’s time for state and federal governments to relocate public jobs to Penrith. “In March 2014 the State Government committed 300 new State Government jobs to Penrith, but we’re still waiting,” Cr McKeown said. NSW Business Chamber Western Sydney Director David Borger said there is incredible momentum and potential in Penrith City. “The City Centre of Penrith is undergoing a transformation. The CBD has the potential to attract new retail and office jobs including public service jobs. One hundred government jobs are worth at least $36 million to the local economy – including a $15 million direct impact and a $21 million flow-on effect."
A $190 million Jobs for NSW Fund will help job creation. Fast-growing, small-to-medium size companies will be able to access a $50 million loan. A further $3.5 million will be dedicated to direct loan programs, $10 million to growing NSW’s network of start-up incubators and accelerators and $3 million for start-up companies. The NSW Government's Jobs of the Future report predicted that 44% of new jobs in NSW over the 20 next years will come from service industries including health care, social assistance and professional, science and technical services. Click to download the full report
New development application
We have received a development application for four apartment buildings, totalling almost $25 million. The application, by Universal Property Group Pty Ltd for 16 Chapman Street at Werrington, includes 138 apartments and associated car parking.
Assistant Minister for Cities Angus Taylor, in a speech at the inaugural AVCJ & InfraAsia Infrastructure Investors Forum, said: “We see Sydney as three cities, not one. The CBD, Parramatta and the outer west - centred around Badgerys Creek and Penrith." He went on to say: "The Western Sydney City Deal is a “once-in-a-generation opportunity to invest” with coordination between the federal, state and local governments as well as stakeholders and developers, he said. Read the transcript