The focus of western Sydney’s relentless property development wave is shifting from Parramatta to Penrith, where a slew of big projects is either under way or about to start.
Projects include the city’s first A-grade office building, two high-rise apartment towers of up to 46 levels, several office developments, an apartment hotel, a 7000 square metre city park and the $1 billion redevelopment of Nepean Hospital.
Joanna Schrumpf, whose family owns local developer Astina Group and has lived in the area for 46 years, said Penrith was undergoing remarkable change, becoming more of a destination than a departure point.
“It’s come a long way since you’d go to Beef and Barramundi in the middle of a paddock for a big night out,” Ms Schrumpf said.
Astina Group has just developed 152 apartments in the East Side Quarter next to Panthers Penrith Leagues Club and is set to open the new Astina Suites apartment hotel in the CBD next month.
- Financial Review