COMMERCIAL PROPERTY, SALES & LEASING

Penrith emerging as key strategic location

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AS investment builds in Western Sydney, one of the first true A-Grade commercial buildings to be developed in Penrith in around three decades is being delivered in 50 Belmore Street.

JLL has been appointed to manage the leasing of the Bates Smart-designed building, which spans 10,000sqm across seven levels of office space with a typical floor plate of around 1,500sqm.

“Penrith has emerged as a key strategic location and urban growth gateway – fuelled by the growth and opportunity of the new Western Sydney Airport,” said Stephen Panagiotopoulos, director of leasing at JLL, Western Sydney.

The Belmore Street development sits just 50 metres away from Penrith station and the Westfield shopping centre.

“Western Sydney, and the development of Penrith, under the Greater Sydney Commission Plan, is pivotal to the future of Sydney. It is critical that access and opportunity for employment in the west be a focus for government and the private sector,” said Panagiotopoulos.

The building has been built around a grand central atrium that connects different levels of the property, improving staff productivity and potential for collaboration, in addition to brining in high levels of light.

There will also be a communal ground floor space by the elevators, with access to the building’s large retail space.

“50 Belmore finally provides a true A-Grade opportunity in the Penrith CBD that will provide opportunities for businesses to upgrade or establish a Western Sydney address with high quality building services for staff living in the Greater West, Northwest and Southwest growth precincts providing employment within a 30-minute travel time from their home,” added Panagiotopoulos.

Beyond the $5.3 billion Western Sydney Airport construction, which will generate an estimated 47,474 jobs,  infrastructure spending on a state and federal level to benefit Penrith over the coming five years will include the $80 million Western Sydney Construction Hub, the $200 million Local Roads Package and the first stage of the Greater West Metro.

Other works for Penrith will include the approved $12 million City Park project, a new private hospital, new mixed-use precincts, sports and leisure facilities, in addition to around 500,000 new homes to be built in the area over the next ten years.

As well as the Penrith City Council’s plans to establish a new industrial and employment hub, which it says will inject more than $36 million into the local economy each year.

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