This article is from the Australian Property Journal archive
STOCKLAND is set to develop a new mixed-use precinct at the Werrington sites at the Penrith campus of Western Sydney University.
With Stockland entering a project delivery agreement with the university, the two parties have proposed a masterplan for the site which would see the Penrith campus transformed into a world-class precinct.
The 99-hectare site, sitting 5km out from the Penrith CBD, will be developed into a six star green star urban neighbourhood, with new housing and over 18-hectares of open space.
“In partnership with Western Sydney University, this unique project aligns with our strategy and will enable us to bring to life a thriving community in a well-connected urban infill location,” said Tarun Gupta, managing director and CEO of Stockland.
The proposed development will include a large town centre to be fully integrated into the current campus facilities.
“The existing health and education infrastructure in the surrounding Penrith Quarter precinct provides strong fundamentals for asset creation and management, and the masterplan will allow us to respond to the evolving market demand over time,” said Gupta.
The project will also see a ‘living laboratory’ established for education, research and innovation, social connection, sustainability and exploration.
“With our shared vision to create a ‘destination for discovery’ underpinned by leading urban design and world class sustainability principles, we are excited by the opportunity to be part of this growing precinct’s success and look forward to progressing plans with the University, local authorities and relevant stakeholders,” added Gupta.
The project will be a crucial part of Western Sydney University’s Western Growth strategy, that aims to see its campus network transformed and the co-creation of cities and educational infrastructure across Western Sydney.
“New housing, retail, commercial and social spaces will also help support the growing population, providing much-needed amenities and enhancing the liveability, productivity and sustainability of the surrounding neighbourhood,” said Barney Glover, vice-chancellor and president at Western Sydney University.
The project will be subject to a rezoning and planning approval process for the site, that Stockland will commence in 2022.
“This is a significant initiative that is about securing the University’s future as a world-class institution and its long-term financial sustainability. Developing our non-core land allows us to reinvest the proceeds back into the University so we can fund new innovations in teaching and learning, build on our research strengths, and initiate projects that can further strengthen the student experience,” concluded Glover.
