The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
81
print
Print
ResidentialAna NarvaezTue 25 Jun 19

Desane Lodges Plans for 273 Apartments in Penrith

220d6336-b7f9-4fb5-a7ff-b1e3468ed01b

ASX-listed Sydney developer Desane has lodged plans for the development of a 273-apartment mixed-use project in Penrith.

Desane said the development at 91 Thornton Drive will include 30 affordable dwellings and provide ongoing medical and “knowledge-based” employment opportunities to complement the recently-approved Nepean Health Precinct.

The value-add move was flagged by the developer shortly after purchasing the site in 2017, engaging planning group Urbis to conduct initial discussions with council for the re-zoning of the 1.2-hectare site.

At the time, Desane said the site could yield 1,800sq m of commercial space and more than 250 apartments.

Desane acquired the site from public sector agency UrbanGrowth NSW for $3.9 million. The developer says the construction of the site will cost $138 million and generate 380 construction jobs.

The project adds to ongoing residential development in Sydney’s “third” mini-metropolis, the Western Parkland City, joining First Point’s Thornton Central and Urban Property Group’s Sheffield Quarter.

The Thornton Street site is located about 500 metres from Penrith’s CBD and train station.

▲ Desane’s proposal is set to bring 273 new apartments to market, including 30 ‘tenure-blind’ affordable dwellings. Supplied.


Desane head of property Rick Montrone said the proposal is consistent with the council’s “Thornton Lifestyle Village” plans aimed at bringing living and working opportunities within a 15 minutes walk of the city centre.

“Our proposal offers key workers and young families the opportunity to secure a significant level of affordable housing,” Montrone said.

Desane said it expects the proposal will take about 18 months from the date of lodgement to be approved.

Desane’s earnings last financial year were $39.7 million, which it attributed to the sale of its Rozelle property in October.

Desane sold the Lilyfield site for $78 million after a long-running legal stoush with the NSW Roads and Maritime Services.

RetailResidentialAustraliado not useParramattaReal EstatePlanningPlanningSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
a land lease community home in white at a gemlife development, a type of home which could be the answer to the housing crisis
Residential

‘We are the Solution’: Land Lease Shake-Up Stirs into Life

Renee McKeown
5 Min
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
View All >
Legal

Court Freezes Assets as $160m Property Scheme Unravels

Vanessa Croll
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
Planning

Bipartisan NSW Planning Reform a Welcome Surprise

Patrick Lau
The legislation, unexpectedly introduced with opposition support, has been greeted by the industry with surprise and del…
LATEST
Legal

Court Freezes Assets as $160m Property Scheme Unravels

Vanessa Croll
2 Min
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
2 Min
Planning

Bipartisan NSW Planning Reform a Welcome Surprise

Patrick Lau
5 Min
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/desane-lodges-plans-for-12ha-site-in-penrith