Stockland will team with Western Sydney University to replace the latter’s Penrith campus with a master-planned, mixed-use precinct.
As part of the proposal, school buildings surrounded by vast tracts of land will find themselves in the town centre.
A living laboratory for education, research and innovation, social connection, sustainability and exploration will be developed, the partners said, “to create a community where people work, live and connect in new ways”.
Commercial and retail zones are also planned as is an arts and heritage precinct and c18 hectares of open space.
Housing will form a predominant part of the 99ha redevelopment affecting 14 Great Western Highway, Kingswood and, across the road, 653-729 Great Western Hwy, Werrington.
The partnership announcement comes three months since we reported Peet paid the University of Canberra c$67m for a 15ha piece of the latter’s Belconnen campus with plans for over 1600 dwellings.
In 2019, WSU teamed with Charter Hall to develop the $350m Innovation Quarter at the Westmead campus.
WSU Penrith campus redevelopment
The Kingswood and Werrington properties are about five kilometres from central Penrith.
“In partnership with Western Sydney University, this unique project…will enable us to bring to life a thriving community in a well connected urban infill location,” Stockland managing director and chief executive officer Tarun Gupta said (story continues below).
“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,” he added.
“With our shared vision to create a ‘destination for discovery’ underpinned by leading urban design and world class sustainability principles, we are excited by the opportunity to be part of this growing precinct’s success,” according to the executive.
The disposal is part of WSU’s ‘Western Growth’ strategy which aims to create cities beside education infrastructure in partnership with the private or public sector.
“This exciting partnership with Stockland is set to transform the site, bringing the university into the town centre and further strengthening our connections and engagement with business, industry and local communities,” WSU vice chancellor and president, Professor Barney Glover, said.
“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.
“This is a significant initiative that is about securing the university’s future as a world class institution and its long-term financial sustainability.
“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”.
Stockland will now apply to the City of Penrith to rezone the sites.
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