Penrith. Viability of projects

A change in state government policy to pre-commit to office leases before construction commence will inject new demand and significantly increase the commercial viability of development opportunities in the Penrith CBD, said Paul Brennan, chairman of the Penrith Business Alliance. “We can now proceed with certainty and confidence in an environment where developers will be able to secure finance to commence construction that will create new building for Government Departments in Regional Cities like Penrith,” he said.

Region. Kickstarting major projects

The development hiatus in Western Sydney is officially over, with major projects totaling 556,043 square metres due to be completed this year in the Outer South West, Central West and North West markets according to new research from CB Richard Ellis, whose NSW industrial director, Jason Edge, said developers such as DEXUS, Australand and Goodman were now kickstarting a range of major projects to capitalise on renewed tenant demand.