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Penrith Business Alliance welcomes NSW Govt strategy to shift jobs to Western Sydney

The Chairman of the PBA, Paul Brennan, has welcomed the recent statement by the Treasurer, Mike Baird, that the NSW Government will be adopting a policy allowing it to pre-commit to office leases before construction commences..

“This is one of the most encouraging and positive policy changes announced by the Government that reinforces our efforts to revitalise the Penrith CBD” said Mr Brennan. “It is refreshing to see Government move to outlining a solid platform for the growth of our Regional Cities,” he said.

.The PBA Board has recently approved a fresh approach to explore the revitalisation of the CBD which is based on two years of research. Mr Brennan said that “the approach is not just based on a theoretical framework, but tested with key developers for its economic and commercial veracity. It is our expectation that at the end of the process we will see new urban renewal projects in Penrith centre implemented by a top tier developer in partnership with Council and other CBD landowners” he said.

A change in Government policy to precommit will inject new demand and significantly increase the commercial viability of development opportunities in the CBD. Mr Brennan said that “we can now proceed with certainty and confidence in an environment where developers will be able to secure finance to commence construction that will create new building for Government Departments in Regional Cities like Penrith.”

Mr Brennan also thanked the Treasurer, for commenting that “revitalising CBDs was a key priority of getting Western Sydney’s economy going.” In support of this, the PBA will seek to work with the NSW Treasury to explore new models of funding infrastructure in efforts to revitalise the Penrith CBD.

The PBA has called for expressions of interest from a range of consultants for a lead Implementation Advisor in taking forward the CBD initiatives. A decision is due by the end of June 2012.

Mr Brennan further said that fellow Director Glenn Byres, who is NSW Executive Director of the Property Council of Australia, has been nominated as the spokesperson for the CBD Project. Glenn has wide experience in this area and his leadership will be invaluable in progressing our approach to CBD revitalisation.

This statement has been taken from the Penrith Business Alliance’s website

http://penrithbusinessalliance.com.au/2012/05/21/government-policy-to-invigorate-cbd-revitalisation-push/

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Stuart Ayres - Member for Penrith

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