Construction of a $75 million office building on Belmore Street is set to proceed next year, according to proponents.
The privately owned Sandran Property Group has launched the commercial building at 50 Belmore Street, saying it will “change the face of Western Sydney”.
Designed by award-winning architects Bates Smart, the eight-storey building will comprise more than 10,000 square metres of office space, a large atrium, a roof top terrace with views towards the Blue Mountains, as well as restaurants and cafes at ground level.
“Fifty Belmore responds to the growing demand from government and the private sector for new, contemporary and architecturally designed work space in western Sydney,” Sandran managing director William Phillips said.
The building’s architects also had the environment in mind, as it is designed to achieve a 5 Star NABERS and 5 Star Greenstar ratings.
Penrith City Council approved a development application (DA) for the project in September. Construction is expected to commence in 2018, with completion targeted for late 2019.
The leasing campaign for the new development has commenced, with significant interest expected from businesses looking to tap into the growing employment catchment area.
CBRE’s Stephen Panagiotopoulos, has been appointed to lease the office accommodation and said the project would deliver jobs for the city.
“With the amount of residential growth in the area and the Penrith council’s goal of creating 10,000 new jobs in the region, this project will deliver much needed supply of suitable A-grade office accommodation for this market,” Mr Panagiotopoulos said:
“50 Belmore Street is raising the benchmark for quality and architecture in the area, and provides a key opportunity for both public and private sectors looking at establishing, or growing, their presence in one of Australia’s most dynamic regions.”
Australian Bureau of Statistics data indicated Penrith’s population would grow by 60,000 and the economic catchment double to approximately 1 million people over the next 15 years, he said.
Major infrastructure upgrades and investment - including the Northern and Mulgoa Road upgrades, delivery of Western Sydney Airport and significant spending on hospitals such as Nepean - are predicted to be key drivers of growth in Penrith, Mr Panagiotopoulous said.
The new building will be located directly opposite the upgraded Penrith bus and rail interchange, and a short walk to Westfield.
Sandran Property Group also owns the adjoining building leased to the tax office at 121 Henry Street, and this year completed a $35 million dollar refurbishment of the 15,000 square metre building, including a new 10,000 square metre fit-out for the ATO.