This article is from the Australian Property Journal archive
THE home of the Henry Lawson Centre in the centre of the Penrith CBD has hit the market and is offering a chance at a major CBD-transforming redevelopment.
The 16,000sqm mixed-used site at 61-79 Henry Street is expected to receive market interest in the high $30 million range, with its potential to be transformed into a $417 million development.
Frank Oliveri and Jordan McConnell from Colliers have been appointed to sell the asset via an expressions of interest campaign, on behalf of owners The Australian Foundation for Disability (Afford).
“The diversified development opportunity is set to cater to developers looking to achieve bulk and scale, whilst benefiting from significant existing improvements and income,” said McConnell.
The site could eventually become a mixed-use development including a hotel tower, residential, commercial and retail, with a Voluntary Planning Agreement undertaken to amend controls to permit a mixed-use scheme.
Under the current plans, the development would comprise approximately 455 dwellings with a percentage of these set aside to be affordable and accessible for both senior citizens and people with disabilities.
“Sydney is the most mature apartment market in Australia (based on the number of apartments and overall proportion of dwelling stock in the form of apartments) and the demand for apartments continues to increase. This is particularly prevalent in Western Sydney,” said Oliveri.
The expressions of interest campaign for 61-79 Henry Street is scheduled to close on 29 May 2023.
