Stockland and Western Sydney University will develop a 99-hectare site at the university’s Penrith campus into a mixed-use precinct.
The proposed project includes a six-star green star urban neighbourhood with a large town centre integrated with the existing campus facilities.
The development will feature new housing, more than 18 hectares of open space, and a cultural, arts and heritage precinct.
The site is located 14 Great Western Highway in Kingswood and 653-729 Great Western Highway in Werrington – about 5km from the Penrith CBD.
“In partnership with Western Sydney University, this unique project aligns with our strategy and will enable us to bring to life a thriving community in a well-connected urban infill location,” Stockland Managing Director and CEO Tarun Gupta said.
“The existing health and education infrastructure in the surrounding Penrith Quarter precinct provides strong fundamentals for asset creation and management, and the masterplan will allow us to respond to the evolving market demand over time.”
The project is part of the university’s ‘Western Growth’ strategy to reshape its campus network and co-create cities and transformative educational infrastructure across Western Sydney.
“New housing, retail, commercial and social spaces will also help support the growing population, providing much-needed amenities and enhancing the liveability, productivity and sustainability of the surrounding neighbourhood,” Vice-Chancellor and President, Professor Barney Glover AO said.
“Developing our non-core land allows us to reinvest the proceeds back into the university so we can fund new innovations in teaching and learning, build on our research strengths, and initiate projects that can further strengthen the student experience.”
The development of the site is subject to a rezoning and planning approval process, which Stockland plans to commence in 2022.
Earlier this month, Stockland and Japanese homebuilder Sekisui House teamed up to boost new housing in growth areas in the southwest and northwest of Sydney.
The agreement strengthened Stockland’s presence in Sydney’s southwest by developing the Lakeside precinct at Gledswood Hills, while allowing Sekisui House to grow its home building business at Stockland’s Elara and The Gables masterplanned communities in north-west Sydney.
Last December, the company bought two logistics sites in Sydney’s southwest for $128.5 million, adding to its more than $3 billion logistics pipeline.