A Sydney developer is movng ahead with its 173-apartment Penrith project after picking up a DA-approved site.
The developer, James Place, has launched the luxury mixed-use development and plans to complete the project in 2026, just ahead of the Western Sydney Airport opening.
Dubbed Perle, the development, designed in collaboration with architects and designers Turner Studio and Bayley Wards, is within the emerging East Side Quarter precinct at Penrith on the banks of the Nepean River, 55km west of the Sydney CBD.
Perle is the fourth stage of the five-stage ESQ development.
Fellow developer Cabe spearheaded the ESQ project and the precinct is already home to the first two stages, One East Side and Aqua.
The third stage, EDEN, is under construction by the Astina Group.
“We’ve been involved in the masterplan from the get-go and James Place got the opportunity to acquire the next stage of ESQ,” James Place founder and managing director Andrew James told The Urban Developer.
It will comprise 173 units including penthouses, terrace houses, and apartments with a ‘Palm Springs-inspired’ rooftop infinity pool, wellness centre, private gardens, a concierge service and private dining room.
“Each stage tested the market and this project, stage four, was the last on the lakefront, so it was always going to be the pinnacle,” James said.
“We knew there was a demand for lifestyle, aspirational development in Penrith, taking a mixed-use approach in resort-style living.
“After 400 sales in the first three stages, we learnt what buyers wanted and they wanted luxury, quality and amenity.”
After recently selling the penthouse apartment to a Penrith-based businessman for $5.5 million, a record for the region, the developers knew they’d hit the nail on the head with Perle in terms of demographics.
“At Perle, we have one, two and three-bedroom apartments, all oversized ... targeting a broader range of buyers,” James said.
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“We’ve seen an increase in land values ... as acreages and blocks are bought up by developers and institutions. Those customers wanted to stay in the area but couldn’t find a project that met their needs until Perle.
“While the penthouse sold for $5.5 million, which made headlines, we also have $550,000 units in the same development as well.
“So there’s a broad range, it’s an accessible development focused on attainable luxury, with access to all those growth drivers in Penrith.”
Described as the ‘engine room’ of Western Sydney, the area is due to benefit from the opening of the new airport at Badgerys Creek, set for 2026.
“Penrith doesn’t get the press it probably deserves, but that will begin to change—we’re a 15-minute drive to the new airport, which will be a game-changer for the region.”
Construction on Perle is expected to begin this year.
Major entertainment and infrastructure works for the city, including a snow resort approved this year, and a $300-million upgrade to the Penrith Stadium, are heralding a new age for the region.
Developers are also launching a variety of projects to support the growing population, including a 211-apartment plan, and the recent approval of the 10,000-home Bradfield city centre masterplan.
