Apartments more than half have pre-sold
APARTMENTS in a major residential development set to transform Penrith are selling like hot cakes – even though they haven’t hit the market yet.
These off-the-plan units will form a monumental $500 million project known as East Side Quarter, which will see 11 buildings sprout in Retreat Ave, ranging from four to 15 storeys.
In addition to panoramic views of the Blue Mountains, the new estate will offer a resort-style pool deck, play areas for children and a retail laneway.
Neighbouring the East Side Quarter site is the Penrith Panthers Leagues Club and entertainment precinct.
For this reason, the idea was pitched to the Panthers board and has since been welcomed, according to Andrew James, chief executive of developer CABE.
Mr James said all club members were offered an early chance to snap up stage one’s 152 units.
“We have gone out to them over the past week and in that time we have had over 50 per cent of the apartments pre-sold. The local market has been crying out for this level of development,” he said. “There has been a healthy mix of buyers but downsizers have certainly shown strong interest.” The units are a mix of one-, two- and three-bedroom designs and start at $400,000. When finished, ESQ will span more than 6.5ha. There will be 850 units and 3500 sqm of retail.
There will also be a lakefront dining precinct, wellness centre and regional play areas.
The units will officially hit the market next month.
East Side Quarter is a monumental $500 million residential project coming to the heart of Penrith.