Penrith City Council has sold 158-164 Old Bathurst Road, Emu Plains to Akura and its capital partners (trading as Emu Plains Developments Pty Ltd), who will deliver Council’s vision to boost local employment with an industrial subdivision on the site.
Akura will be responsible for overseeing the future development of the site. Akura is an Australian owned and operated family business with extensive experience in industrial construction and property development.
The 16.29 hectares of industrial land was purchased by Council in 2021 for a future industrial precinct to diversify local job opportunities, attract investment to Penrith and locate businesses close to home. Council’s vision for the site has remained steady with the Sydney Western City Planning Panel approving the Development Application for an industrial subdivision on the site.
Penrith Mayor Todd Carney said the purchaser presented the most advantageous offer for Council and the community, following an independent and competitive sales process conducted by commercial real estate agents, CBRE and PRD Commercial Western Sydney.
“The sale of 158-164 Old Bathurst Road, Emu Plains is a fantastic outcome which aligns with our strategic vision for the site. The development of the industrial subdivision will provide much-needed space for industrial businesses as well as generating local employment opportunities during and post construction,” Cr Carney said.
“This is a positive outcome for the community as the proceeds from the sale will be reinvested. This will allow Council to continue delivering high-quality services across the local government area as well as projects that will support current and future generations.”
“Akura are ideally placed to continue our vision for the site with those involved having a successful track record of building industrial properties across NSW and Victoria for over 45 years,” added Cr Carney.
Akura’s Development Director, Matt Jordan said “we applaud Council for its foresight to provide industrial land for its community and we look forward to delivering the vision and helping the community grow.”
“The subdivision provides a range of lot sizes and will include turnkey warehouse and office facilities providing flexible options for occupiers and investors alike. Akura’s unique business offering provides a ‘hands on’ start to finish approach utilising our ‘in house’ precast and structural steel manufacturing, design, construction and property teams,” said Mr Jordan.
Settlement of the property is expected to be in late June, 2024.
