Urban Property Group has submitted $111 million plans for High Street, the second development application in the emerging Penrith block in less than a week.
The 46-storey mixed-use development comprises a five-storey retail podium, offices, 41 serviced apartments and 272 residential apartments up a singular tower at 614-632 High Street, Penrith.
This follows on from a similar development application next door by Toga which featured a five-storey podium and 356 apartments across two 14-storey and 38-storey residential towers.
Founded by George Elias in 1987, Urban Property Group has multiple projects across Sydney including current Penrith projects Sheffield Quarter near Thornton Street and recently launched The Henry.
The architectural design competition for the project was held in July 2018 and won by firm DKO.
However a change in the Penrith local environment plan in December 2018 increased the maximum floor ratio from 3:1 to 6:1 and subsequently a new scheme was approved by the Design Integrity Panel.
“Overall, the design scheme has been influenced by the built form within the immediate locality which has experienced a significant increase in high density development over the past few years,” the Urban Property Group application said.
“As such the proposal aims to provide an attractive mixed use building that responds to an evolving built form pattern with Penrith city centre.”
The vacant land parcel measures 4,715sq m and the new plans featured 1,487sq m retail and commercial floor retail area.
The ground floor had a cafe, retail spaces and a lobby, followed by three levels of carparks, commercial spaces and a pool on the fifth level podium and green space above the offices.
There was series of green balconies up the side of the residential tower which included 104 one bedroom units, 134 two bedroom units and 34 three bedroom units.