CABE’s $500 million East Side Quarter (ESQ) development celebrated a major milestone last Friday at a traditional topping out ceremony.
The topping out ceremony marks construction of the first stage reaching the highest point in the landmark development inside the Panthers Precinct.
CABE CEO Andrew James, Penrith MP Stuart Ayres as well as representatives from Astina Group, Morson Group and the Panthers Board were on hand to mark the occasion.
“It is a significant milestone for us and a great way to celebrate the delivery of the first stage of our vision,” Mr James said.
“It took 10 years to get to this point and it will be delivered over the next 10 years.”
152 luxury apartments as part of Stage 1 will be home to 200 residents, who are set to move in around October this year.
Once all stages are completed, the East Side Quarter will boast an enormous 850 apartments.
“I believe this is the largest private investment in Penrith’s history and it creates a lot of jobs for the area,” Mr James said.
Colliers and PRDnationwide Real Estate achieved a sell out success of Stage 1 of the development, and since September over 65 per cent of stage two has pre-sold, with construction soon to commence.
Stage 1 builder Astina Group Co-Founder William Schrumpf commended the hard work of all those involved for delivering the project ahead of schedule.
“It was about a year ago we stood outside these doors at the groundbreaking ceremony and we were speaking about how proud as Penrith people we were to be a part of this special project,” Mr Schrumpf said.
“To be here now celebrating the topping out of the project, it is a big milestone and something that is very special to us and we are very proud to be part of it.”
Mr Schrumpf paid tribute to the tradesmen who have battled the heat working over summer. Stage 2 will commence construction over the coming months.