A significant landholding in the heart of the Penrith CBD currently home to the Henry Lawson Centre is set to attract major interest after coming to market.
The 16,000sqm mixed-use commercial site, owned by The Australian Foundation for Disability (Afford), could potentially be transformed into a $417 million development, with a Voluntary Planning Agreement undertaken to amend controls to permit a mixed-use scheme.
This would allow for the creation of a hotel tower with residential development, as well as commercial and retail premises below.
The property at 61-79 Henry Street is listed for sale through the Colliers team of Frank Oliveri and Jordan McConnell, who expect to receive interest from the market in the high $30m range.
“The diversified development opportunity is set to cater to developers looking to achieve bulk and scale, whilst 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 added.
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.
61-79 Henry Street, Penrith is for sale via an expressions of interest campaign closing Monday, 29th May 2023.