Western Property March 24 2023

An ambitious plan for soaring mixed use towers on the western end of High Street in Penrith has been dismissed by the Land and Environment Court after years of jumping through planning hoops.

In 2019, a $110.5 million Development Application (DA) was lodged with Penrith City Council for 614-632 High Street, Penrith opposite the Joan Sutherland Performing Arts Centre.

The applicant, Urban Property Group (Urban) proposed a part eight, part 46-storey development comprising of retail and office premises, car parking, 41 serviced apartments and 272 residential apartments.

It was recorded that in 2020 nine public submissions were received which expressed concerns about overshadowing for adjoining properties, traffic, and congestion, along

CBD

with loss of on-street parking because of the project.

The Sydney Western City Planning Panel resolved to refuse the application in May 2021, in accordance with Council’s recommendation with a notice of determination issued the next month.

Urban’s community infrastructure offers, and the management of traffic generated from the development were points of contention that hindered it from being approved.

Undergoing several amendments over the years the applicant was still seeking to construct a part five, part 44-storey mixed use development with four levels of partially sleeved parking and one level of basement car parking.

An appeal hearing in the Land and Environment Court of NSW was held during October and November 2022

before the Court officially dismissed the appeal this month with the Court ordering that the DA be refused. Similar issues were raised again, with Nathan Croft who was an expert in town planning and urban design for the respondent Penrith Council discussing the development.

“Mr Croft cites a lack of consistency with the existing or desired future character given the development proposes car parking above ground, compromising the ground floor layout, and by failing to deliver on infrastructure that is essential to the proper functioning of the proposal,” documents from commissioner of the Court Timothy Horton stated.

It is understood that the applicant would need to lodge a new DA with Council with further adjustments for it to be reconsidered.

– Emily Feszczuk

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“ Gizzelle is hard working, reliable & would use her services again. Gizzelle really worked hard on this property. It definitely took some time for this 34-year-old house to be snapped up in a market of several interest rates hikes which unfortunately affected borrowers’ loan capacity, but that didn’t phase Gizzelle, it made her more determined. She communicated regularly with us & more so behind the scenes with the potential buyers. Thank you so much for all your hard work Gizzelle & for stretching yourself in places you were not engaged to do, but did so from the kindess of your heart! We wish you more success & blessings! ”

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OPEN HOMES & RENTAL PROPERTY GUIDE

OPEN HOMES

WHY THE WEST IS RIGHT FOR FIRST HOME

While there has been a lot of negative commentary around the opportunities for first home buyers during this period of rising interest rates, the outlook for those looking to achieve the great Australian dream of home ownership in western Sydney is more positive.

Recent data figures from the Australian Bureau of Statistics revealed the number of first home buyers nationwide had slumped to their lowest market share since 2017. Financial comparison site RateCity also provided data which showed the number of owner-occupier first home loans in January, 2023, was down 37 per cent on the corresponding period.

But it’s not all doom and gloom for first home buyers.

Arjun Paliwal, founder and head of research at InvestorKit, said those looking to purchase their first home in western Sydney are well placed to take advantage of the NSW govern ment’s First Home Buyer Choice scheme. This scheme lets those buying their first property to opt out of paying stamp duty upfront in exchange for a smaller annual tax. First home buyers can elect to pay an annual property tax of $400 plus 0.3 per cent of the land’s value instead of a lump sum stamp duty payment, which can cost tens of thousands of dollars.

According to Mr Paliwal, Penrith is one area with the strong potential for growth

with western Sydney as a whole boasting some of the state’s largest pipelines of major infrastructure, including the new international airport at Badgery’s Creek.

To be eligible for First Home Buyer Choice, you have to be a first-time buyer, aged 18 or over and an Australian citizen or permanent resident. The home has to be purchased for $1.5 million or less and you have to move into the property within the first year and live in it for at least six months.

There is other assistance for first time buyers including the First Home Owners Grant, the First Home Buyer Guarantee, and the First Home Buyer Super Scheme. If you are keen to enter the property market, contact the team at Bell Partners for more information.

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REAL ESTATE FLASHBACK

Thanks to Penrith City Library’s archives, we take a look back at some classic shots of Mulgoa...

MULGOA TOWN HALL IN 1975, DURING ITS DEMOLITION.

ST. THOMAS CHURCH, MULGOA ROAD, MULGOA.

A SHOT OF MULGOA ROAD AT MULGOA IN THE EARLY 1990s.

A SHOT OF THE FAMOUS SETTLERS RESTAURANT IN THE 1980S.

GLENMORE COUNTRY CLUB AT MULGOA IN 1986.

THE MULGOA PUBLIC SCHOOL WAS BUILT IN 1883. THIS PHOTO WAS TAKEN IN JULY 1986.