APARTMENTS: Unlisted property developer St Hilliers Group will partner with First Point Projects to build a $200 million mixed-use development in North Penrith after purchasing the land from state-owned land company UrbanGrowth NSW.
The project will eventually see up to 450 medium-density apartments and 5500sq m of retail and commercial space on site known as Thornton, on the western fringes of Sydney. a great places to eat and shop, all located within one of western Sydney’s growth areas.
“Residential apartment living in Penrith’s city centre is unprecedented; but we believe the market is ready for this type of housing product and amenity, in this location.”
The project will include 10 residential buildings between three and eight storeys in height, with the opportunity for taller buildings if necessary.
Demand for apartments in Sydney’s west remains high, with 75 per cent of the available apartments in Promenade Parramatta — developed by Starryland, the local arm of Chinese property giant Fuxing Huiyu — selling over the weekend. The project’s first two buildings, with 124 apartments, sold out in one weekend in May.