Western Sydney development pipeline swells past $5bn
Planning changes have paved the way for $500 million worth of new projects in Western Sydney, taking the region’s coronavirus stimulus development pipeline value past $5 billion and putting thousands of new homes on the construction horizon.
NSW Premier Gladys Berejiklian today said two new town centres and thousands of homes would be built in Western Sydney, with rezonings approved in Fairfield, Villawood, Harris Park and Silverwater.
Ms Berejiklian said more than 2,000 homes would be delivered, with more than 1,000 jobs created during the construction phase.
“This is about bringing new life and vibrancy back into these town centres and creating well-connected communities so more people can live closer to where they work,” Ms Berejiklian said.
The new projects are part of a $3.2 billion second tranche of the NSW government’s Planning System Acceleration Program (PSAP), designed to stimulate the state’s economy and help it recover from the impacts of COVID-19.
Projects approved include a $326 million upgrade to the Villawood Town Centre, facilitating the development of a mixed use precinct, and a $173.9 million redevelopment of the Fairfield Heights town centre.
The approvals follow the green light being issued last week for the $2.6 billion Mamre Road Precinct, the highest value project subject to the NSW government’s PSAP initiative to date.
The 850 hectare precinct promises to create more than 5,000 new jobs and provides scope for infrastructure upgrades to Mamre Road and a potential intermodal terminal to link to the proposed Western Sydney Freight Line.
Ms Berejiklian said last week the approval was a key step forward in securing Western Sydney’s future as a global hub for logistics and advanced manufacturing.
“We’re getting on with the job of building a new city around the airport well before the first plane takes off,” Ms Berejiklian said.
“This land release will provide opportunities for international and domestic businesses to invest in Western Sydney, enabling major warehousing, logistics, manufacturing and circular economy operations to be established.”
Diversified developer Mirvac said it would fast-track the development of its Aspect Industrial Estate following the rezoning of the Mamre Road Precinct.
Mirvac chief executive Susan Lloyd-Hurwitz said the precinct would unlock strategic employment opportunities for NSW.
“This is an excellent demonstration of the government’s commitment to jobs and recovery in NSW,” Ms Lloyd-Hurwitz said.
The first tranche of PSAP projects announced by the NSW government in Western Sydney, comprising several new schools, retail centres and industrial facilities collectively worth around $1.8 billion.
The biggest ticket item comprised planning changes to allow for more than 2,800 new houses to be built around the Mt Druitt CBD, one of the first projects fast-tracked under the PSAP initiative.
Last month, Ms Berejiklian said the Mt Druitt CBD rezoning, which is expected to allow for up to $1.49 billion of development projects, had been three years in the making and marked an exciting new era for Western Sydney.
“More than 2,900 construction jobs will be created to build this vibrant new hub, as well as thousands more permanent jobs as the new CBD comes to life,” she said.