This article is from the Australian Property Journal archive
NEARLY 4,000 private and social dwellings will be developed on 30 hectares of land in south west Sydney as part of NSW government plans to reinvigorate a public housing estate.
Under the proposal, the rezoning of the Riverwood estate would deliver 3,900 apartments and terrace homes in buildings ranging from three to 12 storeys over a timespan of 15 to 20 years. About 30% would be public housing and the balance private. Around 10% of the NSW social housing list’s 50,000 people are in the four allocation zones surrounding Riverwood.
The total number of homes is significantly fewer than the government’s initial proposal of 6,000 homes, which was reduced following consultation. Currently, there are nearly 1,100 social housing dwellings on the estate, built in the 1960s and 1970s.
The revised masterplan is expected to generate more than $2 billion of local investment and create around 11,000 jobs.
“The current proposal for Riverwood would see us deliver a mix of around 3,900 new social and private homes over the next 15 to 20 years, which means there will be a steady pipeline of work for thousands of people across the building industry,” said incoming NSW Land and Housing Corporation CEO Simon Newport.
He said the proposed renewal of the former housing estate goes far beyond just replacing the bricks and mortar.
“As more people choose to call Riverwood home, we will see greater support for local businesses and shops, particularly small businesses, and that will encourage further commercial and retail interest in the region, creating more local jobs,”
He said the project would follow on from the neighbouring Washington Park redevelopment, located to the north of Riverwood.
“We want to build on the great success of Washington Park, which in 2017 was transformed into a blended mix of social, affordable and private housing within a beautiful parkland setting,” Newport said.
There will be nearly five hectares of outdoor space at the new Riverwood development.
The masterplan is on public exhibition until September 11.
