In 2018, after a rigorous and competitive Request for Proposal process to transform the Union Road site, Council resolved to enter into a Project Delivery Agreement with Frasers Property Australia.
The proposal, presented by Frasers Property, was considered both aspirational and significant for the Penrith CBD, as it stood out by setting a new benchmark for urban living within Penrith.
At the time, both parties acknowledged robust analysis and evaluations would need to be passed in the journey from project concept to completion, due to the size and scale of the program.
While Council and Frasers Property have collectively worked towards these agreed milestones as defined by the Project Delivery Agreement since its execution, projects of this size and scale are often tested through various approval gateways and require scrutiny through both consultation and approval processes.
In March 2020, Frasers Property formally notified Council of its intention to withdraw from the project, seeking a mutual agreement not to continue. The provision for both parties to mutually agree not to continue with the project was allowed for in the Project Delivery Agreement.
Council’s resolution is therefore sought at the Ordinary Meeting of Council Monday 27 April 2020 to mutually agree to not to continue with the project.
Whilst it is regrettable, Council will continue with enabling works to de-constrain the site, while rescoping a new project and planning for future development opportunities.
Parking at Union Road will remain at grade while future proposals for the site are developed by Council.
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