Property Development

Desane Lodges Plans for 273 Apartments in Penrith

EG Sells Northwest Plaza for $42.5m
Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-06-25 13:17:49

ASX-listed Sydney developer Desane has lodged plans for the development of a 273-apartment mixed-use project in Penrith.

Desane said the development at 91 Thornton Drive will include 30 affordable dwellings and provide ongoing medical and “knowledge-based” employment opportunities to complement the recently-approved Nepean Health Precinct.

The value-add move was flagged by the developer shortly after purchasing the site in 2017, engaging planning group Urbis to conduct initial discussions with council for the re-zoning of the 1.2-hectare site.

At the time, Desane said the site could yield 1,800sq m of commercial space and more than 250 apartments.

Desane acquired the site from public sector agency UrbanGrowth NSW for $3.9 million. The developer says the construction of the site will cost $138 million and generate 380 construction jobs.

The project adds to ongoing residential development in Sydney’s “third” mini-metropolis, the Western Parkland City, joining First Point’s Thornton Central and Urban Property Group’s Sheffield Quarter.

The Thornton Street site is located about 500 metres from Penrith’s CBD and train station.