CLEARANCE RATE: Sutherland Shire leads the way3:59
A look at the nation's property market for the week ending 12th November
Penrith region set to see multiple high-density projects
A RAFT of high-density residential developments has come on to the greater Penrith market, signalling strong interest in the area’s property.
In Kingswood, a new block of 20 fully-leased units, which generates an annual net passing income of $487,000, is set to be auctioned off November 22, with the selling price expected to hover at about $7 million.
The property is also covered by the National Rental Affordability Scheme (NRAS), meaning investors can claim financial incentives from the Federal and State Governments, if the homes are leased out for at least 20 per cent below market rates to low-income earners.
JLL’s Dylan McEvoy, who is selling 1 Santley Cres with David Mathews, said they were expecting interest from private investors, high-net-worth individuals, self-managed super funds and smaller investment funds.
“This will be one of the first times we have seen this type of asset offered to the market that has been constructed so recently,” he observed, adding that 43 per cent of the net income for this property would be counted as tax-free.
Another recent listing in the region is at 20-28 Lethbridge St, Penrith.
The five houses, which sit on a combined 3137sq m block, are being sold in one line.
It has been DA-approved for 81 units spanning across two buildings.
CBRE’s Richard Gell, who holds the listing with Tom Sheridan, said Penrith ranked high in a recent liveability survey by Tract Consultants and Deloitte Access Economics.
“Over $1.5 billion worth of investment across more than 20 projects are already proposed in the Penrith Health and Education Precinct, which should provide an additional 12,000 jobs by 2036 and support strong economic growth in the area.”
Expressions of interest for the property close November 17 at 3pm.
Originally published as New homes for Penrith area
