Penrith: Sydney Business Park Rezoning Adopted to Yield 1,200 Jobs & 3,400 Dwellings

03/12/2016 5:56 am

*Blockbrief members were notified immediately in October of the rezoning information provided below.  

The Penrith LEP 2010 Amendment No 8 rezones the site, 565-609 Luddenham Road in New South Wales,  from zone RU2 Rural Landscape to part B7 Business Park part B4 Mixed use and RE1 Public Recreation. This amendment will facilitate implementation of a Masterplan to redevelop the site for 34,0000 sqm of research and development floor area 100,000 sqm of education floor area and associated student accommodation and 30,000 sqm of retail space. The Masterplan also provides for a land release of 3,400 dwellings with a mix of 300 detached dwellings and 3,100 attached dwellings.

Core Logic identifies the current median sale price of dwellings to be $880,000 in Luddenham, New South Wales.  Consequently, 3,4000 new dwellings on its own can add over $2.9B of housing stock to the property market.  However, as mentioned earlier, an increase in housing stock can affect the area's property value as supply may become much greater than the demand in the area.

Receive alerts on all properties across Australia that have benefited from rezoning and other planning changes as they happen with a Blockbrief membership.  Click here to receive a free Blockbrief demo.