Stockland and Western Sydney University plan to develop a mixed-use urban village at the Werrington sites of the University’s Penrith campus.
 
Located five kilometres from the Penrith CBD, the 99-hectare site offers the opportunity to create a six star green star urban neighbourhood with a large town centre that is integrated with the existing campus facilities. 

The proposed development will feature new housing, more than 18 hectares of open space, and a cultural, arts and heritage precinct.

The project includes the creation of a ‘living laboratory’ for education, research and innovation.
 
“In partnership with Western Sydney University, this unique project aligns with our strategy and will enable us to bring to life a thriving community in a well-connected urban infill location," Stockland CEO Tarun Gupta said.

“The existing health and education infrastructure in the surrounding Penrith Quarter precinct provides strong fundamentals for asset creation and management, and the masterplan will allow us to respond to the evolving market demand over time.
 
"With our shared vision to create a ‘destination for discovery’ underpinned by leading urban design and world class sustainability principles, we are excited by the opportunity to be part of this growing precinct’s success and look forward to progressing plans with the University, local authorities and relevant stakeholders.”

Vice-Chancellor and President, Professor Barney Glover said Western Sydney University has a proud history of delivering high-quality educational opportunities and world-class research expertise for the people of Western Sydney, and is pleased to partner with Stockland to bring this ambitious vision for the campus to life.
 
“This exciting partnership with Stockland is set to transform the site, bringing the University into the town centre and further strengthening our connections and engagement with business, industry and local communities. 

"New housing, retail, commercial and social spaces will also help support the growing population, providing much-needed amenities and enhancing the liveability, productivity and sustainability of the surrounding neighbourhood, said Professor Glover.
  
The development of the site is subject to a rezoning and planning approval process, which Stockland plans to commence in 2022. 
 
“This exciting partnership with Stockland is set to transform the site, bringing the University into the town centre and further strengthening our connections and engagement with business, industry and local communities. New housing, retail, commercial and social spaces will also help support the growing population, providing much-needed amenities and enhancing the liveability, productivity and sustainability of the surrounding neighbourhood, said Professor Glover.
 
“This is a significant initiative that is about securing the University’s future as a world-class institution and its long-term financial sustainability. Developing our non-core land allows us to reinvest the proceeds back into the University so we can fund new innovations in teaching and learning, build on our research strengths, and initiate projects that can further strengthen the student experience.”
 
The development of the site is subject to a rezoning and planning approval process, which Stockland plans to commence in 2022. This will involve working collaboratively with Penrith Council, relevant State agencies, Western Sydney University and the community to progress the planning proposal to deliver the vision for the site.

The development of the site is subject to a rezoning and planning approval process, which Stockland plans to commence in 2022

jchancellor-FAypfDUnLy

Stockland and Western Sydney University plan to develop a mixed-use urban village

The NSW Government&rsquo;s Productivity Commissioners review into the NSW Planning System in 2021, has shown that NSW is the slowest planning system in Australia, according to UDIA NSW research.

Delays in planning approvals are resulting in increased holding costs, the UDIA&#39;s Steve Mann said.

&ldquo;Victoria has recognised the benefits of speeding up the planning system.&nbsp;

&quot;It will create jobs and help to solve the housing supply and affordability crisis.&nbsp;

&quot; NSW needs to get more ambitious if it is to tackle the housing supply and affordability crisis we face throughout the state,&quot; he said.

He said the major reforms in Victoria&rsquo;s planning system aimed at speeding up building approvals and cutting red tape will see NSW falling further behind.&nbsp;

The delays were especially with rezoning, approval timeframes and the coordinated delivery of utilities.

&quot;Delays at these stages will directly and correspondingly increase holding costs for any proposed development and inevitably push up total project costs and house prices. &nbsp;

&quot;Our research also identified a dozen Sydney based priority precincts that have experienced a substantial delay in delivery from rezoning through development commencement of 6 years or higher.

&quot;This is in addition to the lengthy delays to reach the rezoning stage with some taking more than 8 years.&quot;

It has have compared these timeframes to other Australian planning jurisdictions, which notably have shorter precinct release timeframes, especially during the rezoning stage. 
&nbsp; 
Category &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Current NSW performance &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Other states&nbsp; 
Medium Density &nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 200 days &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;70 to 105 days&nbsp; 
High Density &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;190 days &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 105 days&nbsp; 
Greenfield sub-divisions &nbsp; &nbsp;&nbsp;&nbsp; &nbsp;130 days &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;2nd slowest state &ndash; QLD (100 days) &nbsp; &nbsp;

(Table showing the figures obtained from the Productivity Commissioner&rsquo;s White Paper)

The UDIA NSW has called for reforms to the NSW planning system to speed up planning approvals

NSW has nation's slowest development planning system

New home buyers in Victoria are set to be hit with a new levy on residential developments from 2024, which is expected to bring in more than $800 million annually.&nbsp;

The Victorian Government is proposing amendments to the Planning and Environment Act 1987 to introduce a social and affordable housing contribution, which will be payable on eligible planning permits from 1 July 2024 onwards.&nbsp;

The proposed contribution seeks to grow the supply of social and affordable housing in Victoria. It is the 18th property tax to be proposed by the Andrews government.

The amount of contribution payable is proposed to be 1.75% of the market value of new residential apartment or townhouse developments of three or more dwellings, or of three or more residential lot subdivisions.

The proposed contribution will apply to a planning permit that authorises developments or subdivisions in metropolitan Melbourne, Ballarat, Greater Bendigo and Greater Geelong and would be held in the Social Housing Growth Fund to be allocated to community housing agencies to deliver new social housing projects across Victoria.

[smartcode_project:default project_id=5559 project_image_fid=88243]

Legislation is yet to be passed by Parliament.

But it is expected to bring forward a rise in demand by buyers ahead of any formal start date. &nbsp; 
&nbsp; 
The policy that has outraged the sector as it will mean higher prices from July 2024.

Fiona Nield, HIA&rsquo;s executive director Victoria, affirmed the cost of new homes after July 2024 will increase with this tax being passed through in the land prices. 
&nbsp; 
&ldquo;Victorian home buyers already pay a range of taxes when they buy a new home, contributing half of Victoria&rsquo;s tax revenue now.&nbsp;

&quot;In Melbourne 38% of a new home build is made up of taxes, fees and charges.&nbsp;

&quot;This new tax will see land and house prices being pushed further out of reach of new home buyers. 
&nbsp; 
&ldquo;Median land prices are $377,000 in Melbourne, while the median house price is now $950,000.&nbsp;

&ldquo;HIA estimates that this tax could add over $6,600 to the cost of land for new homes. Add stamp duty and GST along with many more costs and this tax could cost more than $20,000 for a new home buyer, adding to their mortgage repayments.&quot;

The Property Council of Australia&rsquo;s Victorian executive director Danni Hunter said the levy equates to an extra $19,600 on the median price of a new house in metropolitan Melbourne and $12,110 on the median price of a new apartment.

The levy would see an extra tax bill of $9362 on the median house price in Wyndham in Melbourne&rsquo;s west.

Pace Development Group sales and marketing manager Ashley Bramich told the Herald Sun the new levy would either impact developer profit margins, or be passed on to the home buyer.

[smartcode_project:default project_id=7211 project_image_fid=144443]

The state government says the sector has time to address the levy.

&ldquo;We&rsquo;re establishing a stable funding stream to provide the dignity of housing to thousands more Victorians,&quot; Housing Minister Richard Wynne said on Friday.

&ldquo;Today really is about the biggest reform to social housing since the formation of the Housing Commission in the 1940s,&rdquo; Wynne said.

Victoria&rsquo;s treasurer, Tim Pallas, said the contribution would affect fewer than 30% of all residential planning permits.

It would raise more than $800m each year, paying for up to 1,700 new social and affordable homes and support 7,000 jobs in the construction sector every year.

Jago Dodson, Professor of Urban Policy and Director of the Centre for Urban Research at RMIT, said it was a very significant reform of the social housing sector that provides long-term funding certainty for public and social housing agencies through a simple and broad levy on urban development.

&quot;It also reduces complexity by streamlining the process for developers&rsquo; contributions to social housing.

&ldquo;While this is an important initiative it could have been bolder, such as via a higher levy rate.&nbsp;

&quot;However, establishing this policy as a normal part of the social housing and urban development policy process is a significant step towards widening the range of mechanisms that retain public value from private development,&quot; Professor Dodson said.

The HIA estimates that the tax could add over $6,600 to the cost of land for new homes

New home demand to be brought forward by Victorian residential development levy

The Gold Coast City Council has approved Gallery Group&rsquo;s 36-storey Chalk tower at Surfers Paradise.

Construction is set to begin this year on the $290 million Surf Parade site by Hutchinson Builders.

It will have 99 units in the 36 storey complex.

Urban reported on its development plan lodgement that Gallery are targeting the owner-occupier, with no one-bedroom apartments.&nbsp;

Its two-bedroom unit prices start from $971,000.

Gallery Group CEO Adam Barclay says the average apartment size will be around 250sqm.

Raunik Design has drawn up the plans amid landscaped gardens by FORM.

Gallery Group is a diversified Australian property company, headquartered in Sanctuary Cove on the Gold Coast, which employs more than 500 staff and contractors across Queensland, New South Wales, and Victoria.

The $290m tower will be constructed in southern Surfers Paradise

Chalk, Surfers Paradise apartment tower gets approval

Sales of the Crown Sydney apartments at Barangaroo continue to progress, with almost $1.2 billion in gross sales and pre-sale commitments. 

Based on current progress, Crown is focused on selling all apartments by 30 June 2022 through Knight Frank. 

As at 31 December 2021, $975 million in sale proceeds had been received, with receipt of the final approximately $275 million in expected settlement proceeds subject to timing of the sales.

It included the $72.2 million for the off the plan purchase by Crown shareholder James Packer who bought the 48th and 49th floors. 

Crown updated the shareholders in an ASX adisory that indicated only limited spend remains on the total project cost of $2.2 billion. 

The expected net project cost following completion of all apartment sales, net of tax attributable to the gain on sale of apartments, will be $1.1 billion.

Gaming areas are yet to commence operation as Crown continues to work through the consultation process with the casino’s regulator, the Independent Liquor and Gaming Authority (ILGA). 

Crown is hoping to see the progressive opening of the gaming floor from March.

Non-gaming operations progressively commenced trading at Crown Sydney from late December 2020. 

During the period, Crown Sydney faced significant disruption as a result of COVID-19, and was closed for 102 days.

Hotel occupancy was 17% during the period. 

Upon re-opening in October 2021, hotel occupancy showed improving trends, averaging nearly 40%, with higher occupancy on weekends and strong average room rates.


As at 31 December 2021, $975 million in sale proceeds had been received

Crown Residences at One Barangaroo sales hit $1.2 billion

First-home buyers in NSW will be able to receive a contribution from the state government towards a house deposit in return for equity in the property.

The proposal is being devised to address Sydney&#39;s affordability crisis by the Perrottet government.

The scheme would help first-home buyers enter the market earlier in a style already underway in Victoria.

The equity being held by the government would be repaid in instalments or when the property was sold.

Parents of first-home buyers could also hand over equity in their homes to the government in order to help children buy a property.

Details of the policy are being worked through, according to the Sydney Morning Herald, including whether there would be a cap on the amount the government would contribute, or the price of property or land.

&quot;Increasingly younger generations think being able to buy their first home is unachievable, and for me, that&#39;s unacceptable,&quot; Dominic Perrottet said.&nbsp;

&quot;As a parent, I would happily sacrifice some equity in my home if I knew it would give my kids a foot in the door.&quot;

NSW Treasurer Matt Kean said home ownership was &quot;one of the biggest intergenerational challenges of our time&quot;.

First home buyers snapped up apartments in The Wave, the newest address in Sydney&#39;s Rockdale, with prices from $530,000 for one bedroom apartments and two bedrooms from $695,000.

[smartcode_project:default project_id=6207 project_image_fid=158250]

Completed in 2021, The Wave at 376 Princes Highway, Rockdale, around 15 kilometres south of Sydney, was developed by the veteran property development firm Chanine Developments.

The eight-level, CD Architects-designed block of just 35 apartments saw first home buyers take advantage of the HomeBuilder grant, as well as the first home buyer stamp duty concessions.

Prices from $424,000 are on offer at nearby Kogarah Central, which has been completed. It is offering a $25,000 price deduction in the new $175 million development.

[smartcode_project:default project_id=7734 project_image_fid=153602]

Developer Level 33 constructed the 233 apartment block, with the majority bought by first home-buyers and owner-occupiers.

Founded in Sydney in 1999 as a family-owned and operated business, Level 33 specialise in multi-residential and commercial projects.

Closer to the city, Infinity by Crown has attracted first home buyers to Zetland with prices from $650,000.

[smartcode_project:default project_id=5827 project_image_fid=174165]

Prices start at $620,000 across town at NEUE at Macquarie Park.

At Granville prices start at $460,000 in the Develotek.&nbsp;

Project launches set for 2022 include Aland&#39;s Merrylands project.

NSW Treasurer Matt Kean has said home ownership was "one of the biggest intergenerational challenges of our time"

NSW first home buyers to get government equity option

Mirvac has signalled that its launch of its $83m redevelopment plans for the Waverley Bowling Club site is fast approaching.

Mirvac is creating a 55-apartment high-end seniors&rsquo; development with pricing advised as from $2,195,000 to $4,995,000.

Late last year Mirvac opened a display gallery for the development, known as The Langlee, will be centred around the old bowling club, which is to be converted into a wellness centre.

<img alt="" height="837" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-02-16_at_9.52.56_am.png" width="1516" />

The facility will boast a 20m indoor lap pool, steam room, treatment room and change facilities on the ground level, while on the mezzanine floor above there will be a resident gym area, yoga and stretching space.

Mirvac&rsquo;s general manager of residential NSW, Toby Long, has advised the past two years of Covid lockdowns had &quot;reaffirmed&quot; their commitment to providing the high-end wellness facility.

Mirvac broke ground on the project in April last year.

<img alt="" height="829" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2022-02-16_at_9.52.50_am.png" width="1217" />

The completion is anticipated in 2023.

The Langlee is being developed in accordance with the requirements of the State Environmental Planning Policy (Housing for Seniors or People with a Disability 2004 (SEPP).&nbsp;

The SEPP requires that at least one occupant must be 55 years of age (or older) or have a disability as defined in the SEPP.

The old bowling club premises will be converted into a wellness centre

Construction continues at Mirvac's The Langlee project at Waverley

Ador, Mirvac&#39;s Burswood, Perth apartment project has hit 24 percent sold, according to its latest official update on sale in its ASX half yearly report.

The mid-rise project was launched late last year in a resumption of construction activity on the 17.5ha peninsula.

It is now a $96m project according to the ASX release.

[smartcode_project:default project_id=13262 project_image_fid=190691]

Its 2021 approval from the Town of Victoria Park Design Review Panel (DRP) described the development as a high-quality response to the locality.

It is set among parklands and gardens located on Bow River Crescent within Mirvac&rsquo;s community of The Peninsula Burswood.&nbsp;

[smartcode_project:default project_id=13262 project_image_fid=190690]

Ador is a collection of 88 exclusive one, two and three bedroom apartments and premium pavilion designs set over seven levels.&nbsp;

The pricing for its one bedroom residences start from $485,000, $650,000 for its two bedroom residences; and three bedroom residences from $1,295,000.

[smartcode_project:default project_id=13262 project_image_fid=190694]

The three and four bedroom pavilions are priced from $2,325,000, according to its website price list which was advised as correct as at 11.01.22, but is subject to change.

Set within the community of The Peninsula Burswood, Ador by Mirvac is a collection of 88 luxury residences

Ador, Mirvac's Burswood, Perth apartment project hits 24 percent sold

Mirvac has advised the sales tally at its $216 million Portman, Green Square project has hit 63&nbsp;percent.

The apartment project is on Portman Street, Zetland.

Located seven kilometres from the Sydney CBD the project was designed as art deco-inspired architecture.

Due for completion in 2023, 119 residences will form Portman on the Park and 45 will be built in Portman House. Portman House is over 50% sold, with apartments in Portman on the Park 67% sold.

Portman House joined Portman on the Park in being Australia&rsquo;s first residential building registered to pursue WELL Certification.&nbsp;

[smartcode_project:default project_id=30049 project_image_fid=162873]

The 12-level Portman on the Park is made up of one, two and three-bedroom apartments.

Guided by the 11 concepts of WELL, the luxury Mirvac apartments were designed in partnership with Sydney architects CO-AP in collaboration with Mirvac Design.

Its pricing in 2021 included 1 Bed, 1 Bath, 0 Car from $740,000 to $810,000 and 2 Bed, 2 Bath, 0 Car from $999,000 to $1,050,000.

&nbsp;

[smartcode_project:default project_id=100811 project_image_fid=162903]

Mirvac is also securing sales at the nearby $207 million The Frederick project which is 29 percent sold. &nbsp;It is 23 storeys, a collaboration between Smart Design Studio and Mirvac Design.

The Green Square Town Centre is home to many affluent, young professionals with convenient access to major employment centres, transport and amenity.

The construction of a major residential, retail and cultural hub sees current planning for 35,000 new dwellings, 13,400 sq.m of retail, 50,500 sq.m of office floorspace and community facilities at Green Square.

[smartcode_project:default project_id=30049 project_image_fid=162870]

The staged development has already delivered the Green Square Library, the creative arts centre, childcare, Green Square Community Hall, small scale retail and residential apartments.

Population forecasts developed by Transport for NSW prior to the onset of COVID-19 forecast the population of the Green Square area to increase to 62,259 in 2036, significant growth from the 2016 population of 36,195.&nbsp;

The projected growth equates to around 1,300 additional residents per year at an average annual growth rate of 2.7%, which is higher than Greater Sydney (1.7% per annum).&nbsp;

[smartcode_project_cta: project_id=109956]

Located seven kilometres from the Sydney CBD, the project includes a luxury wellness centre

Mirvac's Portman, Green Square apartments hits 63 percent sold

Property group Mirvac has secured the sellout of its Quay Waterfront Newstead project.

Mirvac is taking the next step by lodging a development application for Sky Stage 2, a part of its $1 billion Waterfront Newstead community on the Brisbane River.

Quay follows on from Mirvac&rsquo;s highly successful previous stages at Waterfront Newstead &ndash; Pier, Park and Unison.

[smartcode_project:default project_id=90553 project_image_fid=147606]

The Quay sellout was advised in its latest ASX update.

As sales neared 100 percent, Mirvac head of residential Stuart Penklis described the response to Quay as &quot;phenomenal.&quot;

The sales tally sat at just over half in the $180 million Newstead apartment tower last July.

With apartments priced from $382,000 across its 25 levels, Quay was designed by Mirvac&#39;s in-house design team.

[smartcode_project:default project_id=90553 project_image_fid=147612]

The expansive three and four bedroom sky pavilions started from $2,925,000.

The striking building, designed by Mirvac&#39;s award-winning in-house design team, will feature lush landscaping climbing the tower by landscape architect RPS. 
&nbsp;

Quay is part of the $1 billion Waterfront Newstead community on the Brisbane River

Jonathan Chancellor

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

Jonathan Chancellor

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.