News

Setting Records in Penrith

02.11.18

Western Weekender Penrith

Penrith’s newest property development, CABE’s East Side Quarter (ESQ) broke ground ahead of schedule last month due to outstanding sales success.

The $500 million development next to Penrith Panthers also announced the appointment of local builder Astina Group. With stage one of the project already 77 per cent sold, the development is outperforming all other projects in western Sydney and broader Sydney, according to agents, Colliers International and PRD Penrith. “ESQ’s sales success is a result of the strong Penrith community support for the project, with locals drawn to its lifestyle offering and vibrant urban village setting,” CABE CEO Andrew James said. “It has appealed to all buyers from downsizers, to investors and first home buyers who understand the uniqueness of the site and its offering with running tracks, lakeside dining, wine bars, entertainment, high quality apartments and landscaped areas that would cover 10 football fields.”

A record apartment price for Penrith of $950,000 was achieved with the sale of a penthouse style, three bedroom apartment. Director of Residential Project Marketing of Colliers International, Blake Schultze said most purchasers have come from the local Penrith area or the Blue Mountains. “Buyers have been motivated to snap up an apartment as they understand the strong growth potential of Penrith and the western Sydney economy,” he said.

The appointment of Astina Group is great news for the local economy with the full amount of Penrith’s trusted tradespeople employed to complete the development. “As we are family owned, operated and residing in Penrith, being part of such a major project for not only Penrith but western Sydney means a lot to us,” Co-founder of Astina Group, William Schrumpf said. “We’re proud to be a part of delivering a new lifestyle for our growing community and look forward to exceeding their expectations.”

The stage two release is scheduled for February 2019. Visit www.esqpenrith.com.au. – Nicola Barton

Related articles

  1. 05.11.18
    The Panthers’ $500m village moves ahead

    ESQ1818 Submits Development Application for Stages 2 and 3 A development application for stage two and three of ESQ 1818 has been lodged to Penrith Council for approval. A total of four residential buildings ranging from four to five storeys as well as one mixed use residential building with about 1225 sqm of retail space are the second and third stage of the development. The entire project, which includes fives stages of construction, will cover a 6.5 hectare footprint on the Panthers precinct and feature a lakeside promenade as well as landscaped space, shopping and restaurants a stone’s throw from the Nepean River. Penrith based property developer Astina Group has been awarded the mammoth task of building ESQ. “We have been impressed with what we have seen with Astina and the fact that they are local was icing on the cake,” CABE chief executive Andrew James said. Astina has recently built projects such as Home on High and East Bank and builder William Schrumpf welcomed the new project. “We are extremely excited to be teaming up with CABE to deliver ESQ,” Mr Schrumpf said.  

    Read More
  2. 07.08.18
    New $500 million East Side Quarter project the latest in unprecedented development for Penrith

    TAWAR RAZAGHI JUN 21, 2018 The once-overlooked suburb of Penrith on Sydney’s outskirts is steamrolling ahead with unprecedented development in the face of a major population growth spurt and its new future as one of Sydney’s most important town centres. For years it was just the last suburb Sydneysiders would bypass on their way to the Blue Mountains, but with the promise of a major airport a stone’s throw away, construction workers are already in overdrive preparing for the city’s new trajectory. The suburb has already started to evolve over the years with disillusioned Sydneysiders heading to Penrith in search of better value housing. In Penrith the median house price is $650,000, almost half that of Sydney’s overall median,  $1,150,357. Despite being 60 kilometres west of Sydney’s CBD, the main street of Penrith is now booming, according to Penrith Mayor John Thain. “There’s a restaurant or cafe opening up every second week. You can see the vibrancy and it’s lifting the night economy,” Cr Thain said. It’s a far cry from its rural beginnings – Penrith has gone from being a farm on Sydney’s outskirts to a hardscrabble of suburbs to a city in its own right. Residential projects, particularly house and land packages, are not new in Penrith, but more medium-density and high-density mixed-use precincts with apartments are luring new types of buyers to Penrith and changing the town’s fabric. “It’ll give our young people the opportunity to actually stay in the area they grew up in. But it’ll certainly bring more people in. They want to have lifestyle choice … whether it’s a unit, townhouse or a 400 square block,” he said. A new $500 million project planned for the banks of the Nepean River will be a litmus test for demand in the region for high-density city-style living. It’s one of the biggest residential projects Penrith has  seen and has been touted by those marketing the project as a “visionary new community”. The East Side Quarter “village” will be a mixed-use development with 850 apartments next to the Penrith Panthers’ Entertainment Precinct. David Borger, Western Sydney director of the Sydney Business Chamber, said Penrith was in the process of getting a major facelift. There’s a sense of optimism and it’s inevitable that it’s going to happen. Its future is rosier than its past,” Mr Borger said. “Penrith still has blue skies, wide-open spaces and wonderful nature at its doorsteps and people are attracted to that environment.” Young people can see the value and affordability of a place like Penrith, Mr Borger said. “There is a draw for young people to live in more affordable locations as well as local families who are doing well and want to go to a different community and migrant Sydney will be moving westwards as well,” he said. Despite much lower property prices in Penrith, the suburb isn’t immune to Sydney’s affordability crisis. Almost a quarter of Penrith tenants are in rental stress, according to the latest census data, and there’s a wait of more than a decade for social housing. One community housing provider said that while development is booming, there needs to be consideration of affordable housing options. Alongside new residential projects, change is also afoot with several infrastructure developments. Mr Borger said Badgerys Creek airport, which is 20 kilometres away, Sydney Science Park and the Northern Gateway development by BHL are “mega mixed-use projects” that will change the landscape in the region entirely. And the mayor said Penrith is ready to live up to the hype of all the record investment and population of about one million people in Western Sydney by 2036, up from 740,000 in 2016. “That’s twice the population of Canberra or three times the population of Newcastle. We’ve got to accommodate that [growth] across eight councils. Western Sydney’s time has come,” he said. There were less than half a dozen  submissions raising traffic concerns around the ESQ development but councillor Thain said a number of parking lots would be built in time to prevent those issues from arising.   https://www.domain.com.au/news/new-500-million-east-side-quarter-project-the-latest-in-unprecedented-development-for-penrith-20180620-h11m0k-440839/  

    Read More
  3. 21.12.17
    Booming Over 50s Resorts Shaking Up Retirement Sector

    Luxury lifestyle communities for the over-50s has exploded over the past few years, with many developers taking the opportunity to change the face of the retirement sector. CABE is one developer that has expanded its range of residential projects by releasing a premium Sydney collection of apartment homes, exclusively for the over 5os market. Watersedge is positioned on the coveted Pittwater’s foreshore in the Sydney suburb of Bayview on Sydney’s Northern Beaches. CABE Managing Director, Lou Zivanovic said the launch of Watersedge at Bayview is a unique offering for the over 50s market which traditionally comprises of higher density projects. CABE’s Watersedge at Baysview[/caption]“Making the decision to downsize doesn’t mean that buyers have to compromise on size and design. Watersedge is an opportunity to secure a beautifully appointed apartment home that still offers spacious living and entertaining areas, as well as a design that speaks ‘luxury’ and ‘high-end,” Mr Zivanovic said. Far from a retirement home in a traditional sense, Watersedge at Bayview is designed to set new benchmarks in over 50s living. Designed by the renowned Lesiuk Architects, the project has been created to offer high-end luxury with an eco-friendly design sensibility and a focus on low-maintenance living. CABE’s Watersedge by Baysview[/caption]Developer Halcyon is another developer set on capturing the over 50s market with their Vision community on Queensland’s Hope Island and Halcyon Glades at Caboolture. Vision by Halcyon[/caption]The $60 million Vision development comprises 88 homes with Halycon joint managing director Bevan Geissmann has responded to the baby boomers’ desire to downsize their financial commitments while upsizing their lifestyles. “Our communities are tailored to maximise lifestyle while offering no exit fees and the opportunity to secure solid capital gains,” he said. Designed by DC8Studio, Director Riccardo Rizzalli said there was a focus on ‘retreading’ rather than ‘retiring’. “Our approach goes beyond the design of the dwelling and integrates it with the design of the community realm to create a stronger and more cohesive design outcome,” Mr Rizzalli said. “We brought this approach to both projects and made modifications to the masterplans that created designs that will grow with the community and help create a truly better place to live.”Dr Geissmann said, “Today’s baby boomers have high expectations for their retirement lifestyle, so location and design of the home are both vitally important. “As a developer of over 50s communities our focus weighs heavily on these aspects. “It’s why we invest a lot of time into researching market trends, finding the right sites, developing masterplans and creating homes that respond to the needs of modern seniors.”Pradella Property Ventures and their award-winning Seachange Village Arundel and Seachange Village Emerald Lakes is another developer that is leading the charge with five-star over 50s living, only recently taking out a UDIA award in seniors living category. Pradella Property Ventures’ Seachange Village Arundel[/caption]Seachange Village Arundel Project Director Phil Goodman said the developer’s original vision was to create a community that would allow its residents the opportunity to enjoy the best time of their lives. “The Seachange vision was to create a community that would allow them to make it happen,” he said. “We are extremely proud of what we have delivered at Seachange Village Arundel. Not only is the development a unique offering for the over 50s demographic, but the quality of construction and design is outstanding.”Integral to the Seachange Village Arundel lifestyle is the world-class Country Club, just a short walk from any home in the development. Luxury facilities include dining areas, club lounges, games rooms, a library, bowls club, seven championship bowling rinks, 32-seat cinema with tiered seating, craft room, workshop, two floodlit tennis courts, indoor heated pool and outdoor lagoon pool, spa and gym, sauna, steam room, wine room and dance floor. Pradella Property Ventures’ Seachange Village Arundel[/caption]“We are catering to an increasing segment of Australia’s population who demand very specific housing, so recognition from UDIA has provided a strong endorsement of the vision we set out to achieve,” Mr Goodman said. View the full article here.

    Read More
  4. 07.08.18
    Sky High Revolution- East Side Quarter, Retreat Drive Penrith

    EAST SIDE QUARTER Retreat Drive, Penrith MARISSA GEORGOPOULOS WESTERN Sydney hub Penrith is due for its biggest transformation yet – a $500 million residential development that will push the suburb to new heights. The monumental new estate known as East Side Quarter will include 11 buildings ranging from four to 15 storeys and offer panoramic Blue Mountains views, a resort-style pool deck, play areas for kids and a retail laneway. The estate will also have a lakefront dining precinct, wellness retreat and regional play spaces. The first luxury apartments will hit the market next month. Telegraph the project was the culmination of long-time planning. “We’re very excited to finally put it out to the public,” Mr James said. “All up, it is 850 apartments, 3500sqm of retail, and it will be what we’re calling the first urban village of Western Sydney as it spans more than 6.5ha. Over half the site is landscape.” Neighbouring the site is the Penrith Panthers Leagues Club. Mr James said the proposal was welcomed by the Panthers board. Club members have been offered an early chance to buy into the 152 units being made available in the project’s first release in July. “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. This shows the local market has been crying out for this level of development. “There has been a healthy mix of buyers but downsizers have certainly shown strong interest.” Each apartment will have at least one car space. The one-bedders start from $400,000. Two-bedroom units are upwards of $550,000. The threebedders are priced from $700,000. Architects Turner will incorporate stone benchtops, porcelain floor tiles and mirrored splashbacks in kitchens and bathrooms. Construction of the first two buildings will start this year, with doors set to open to residents in 2020. Visit esqpenrith.com.au Caption Text: The $500 million project known as East Side Quarter will transform Penrith with 11 buildings, 850 units and about 3500sqm of retail space.   https://www.news.com.au/finance/real-estate/penrith-to-be-transformed-with-500m-development/news-story/f7a405c9e45536011e0a2f4f9adabd60  

    Read More