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 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.