This article is from the Australian Property Journal archive
CONSTRUCTION company Akura and its capital partners are set to deliver an industrial subdivision on an Emu Plains site purchased from the Penrith City Council.
The 16.29-hectare industrial property at 158-164 Old Bathurst Road in Emu Plains, around 58km out from the Sydney CBD, was purchased by the council in 2021 with plans for a a future industrial precinct to diversify local job opportunities and attract investment to Penrith.
The council successfully secured DA approval from the Sydney Western City Planning Panel for an industrial subdivision on the site, which was submitted in 2022, when it was estimated the site would bring in around $36.4 million to the local economy.
Akura will now be responsible for overseeing the future development of the site, after acquiring the site with its capital partners, trading as Emu Plains Developments Pty Ltd.
“Akura are ideally placed to continue our vision for the site with those involved having a successful track record of building industrial properties across NSW and Victoria for over 45 years,” said Todd Carney, Penrith mayor.
This followed an independent and competitive sales process conducted by commercial real estate agents, CBRE and PRD Commercial Western Sydney.
“The sale of 158-164 Old Bathurst Road, Emu Plains is a fantastic outcome which aligns with our strategic vision for the site. The development of the industrial subdivision will provide much-needed space for industrial businesses as well as generating local employment opportunities during and post construction,” added Carney.
“This is a positive outcome for the community as the proceeds from the sale will be reinvested. This will allow Council to continue delivering high-quality services across the local government area as well as projects that will support current and future generations.”
Settlement of the property is expected to be in late June 2024.
“We applaud Council for its foresight to provide industrial land for its community and we look forward to delivering the vision and helping the community grow,” said Matt Jordan, development director at Akura.
“The subdivision provides a range of lot sizes and will include turnkey warehouse and office facilities providing flexible options for occupiers and investors alike. Akura’s unique business offering provides a ‘hands on’ start to finish approach utilising our ‘in house’ precast and structural steel manufacturing, design, construction and property teams.”
