penrith lga - valuergeneral.nsw.gov.au

Rating and Taxing Contractor: QV

Version: 1

PENRITH LGA Final Report 2018

09 November 2018

QV FINAL REPORT - PENRITH LGA 2018 of 19

1 Executive summary

1.1 LGA overview

In general, there were moderate increases in land values in the Penrith local government area between

2017 and 2018. This trend was not consistent across all market sectors with strong increases for

industrial land and slight increases for residential land. The upward trend in land values was mainly

driven by continued demand for more affordable properties across the growing wider Sydney metro

area and improvements in infrastructure through major initiatives like the Western Sydney

Infrastructure Plan and Western Sydney Airport.

Zone

Zone Number 2018 Total Prior Annual % Prior Local %

Code Of Land Valuation Change Government Change

Entries Value $ ( 2017 ) $ Valuation

(2016) $

Residential

(A, R1,

R2, R4,

R3, R5,

RU5)

56,905 $26,341,736,864 $25,545,191,904 3.12% $21,341,474,085 23.43%

Rural

(R, RU1,

RU2,

RU4)

4,291 $5,219,528,530 $4,841,533,404 7.81% $3,899,964,470 33.84%

Commercial

(B1, B2,

B3, B4,

B5, B6,

B7)

1043 $806,736,570 $738,565,270 9.23% $688,492,690 17.17%

Industrial (IN1,

IN2) 1058 $2,953,329,231 $2,481,868,891 19.00% $2,239,309,091 31.89%

Infrastructure

(SP1,

SP2,

SP3)

221 $211,076,912 $201,037,825 4.99% $201,037,825 4.99%

Environmental (E1, E2,

E3, E4) 1,662 $2,021,386,620 $1,839,592,722 9.88% $1,690,265,300 19.59%

Public Recreation (RE1,

RE2) 953 $217,984,000 $217,589,507 0.18% $216,537,400 0.67%

Total 66,133 $37,771,778,727 $35,865,379,523 5.32% $30,277,080,861 24.75%


1.2 Residential Overview

Overall, there were slight increases in residential values within the Penrith local government area.

However, the majority of residential zones remained steady. Exceptions being areas within the

Environmental Living zone, comprising of semi-rural residential properties, experienced strong

increases in land values, due to demand for better located lifestyle properties. Low density residential

properties in Emu Plains close to the Nepean river foreshore and in Claremont Meadows also

experienced strong increases in land values, due to these areas affordability and being well positioned

to nearby commercial, recreational, educational and major public facilities. Conversely, land values in

the LGA outer suburbs of Glenmore Park and Regentville experienced slight decreases. A contingent

of medium density residential properties in Glenmore Park comprising of small single dwelling lots

experienced strong increases, due to recent sales activity within the precinct.

1.3 Commercial Overview

There was a moderate increase in values for most commercial zones within the Penrith local

government area. The increase predominantly being due to increased demand from other market

segments, upgrades to local infrastructure and increasing demand from continued growth in a number

of urban release areas throughout the local government area. The exceptions being the Penrith CBD

commercial core remained steady and the St Marys CBD mixed use experienced very strong increases

as a result of Council’s revitalisation of the centre, surrounding infrastructure upgrades and recent

demand for shop top housing redevelopment.

1.4 Industrial Overview

There was an overall strong increase in industrial values for the Penrith local government area. Demand

for industrial land within the Western Sydney Employment Area at Erskine Park/Kemps Creek resulted

in strong increases in land values, due to the precinct’s central position within the Sydney metro area

and close proximity to major transportation nodes like the M4 & M7 motorways. The exception being

the small established inner-city industrial precinct in Kingswood experienced slight increases from the

previous year, due to lack of sales activity within the precinct. The increasing trend in industrial land

values continues to be driven by low supply, major infrastructure projects and demand within other

market segments.

1.5 Rural Overview

Rural land value changes across the Penrith local government area were mixed resulting in an overall

trend of moderate increases in values. Exceptions being rural land south of the M4 motorway in the

suburbs of Luddenham and Kemps Creek experienced very strong increases, due to its proximity to

Badgerys Creek and the proposed Western Sydney Airport and other related major infrastructure

initiatives like The Northern Road upgrade as part of the Western Sydney Infrastructure Plan.

Conversely, rural land north of the M4 motorway in the suburbs of Londonderry/Cranebrook, Llandilo

and Castlereagh/Agnes Banks experienced strong to moderate decreases to steady land value changes

respectively. Land zoned primary production (small lots) in Orchard Hills near the M4 motorway

experienced slight decreases in land values. In recent years these areas had increased in value more

than surrounding areas, resulting in reduced demand this year.


Contents

1 Executive summary _________________________________________________________________________________ 2

2 Disclaimer ___________________________________________________________________________________________ 5

3 LGA Overview _______________________________________________________________________________________ 6

3.1 Location of the district _______________________________________________________________________ 6

3.2 Principal towns _______________________________________________________________________________ 6

3.3 Main industries ______________________________________________________________________________ 6

3.4 Significant retail centres _____________________________________________________________________ 7

3.5 Type of residential development ____________________________________________________________ 8

3.6 Infrastructure Projects _______________________________________________________________________ 8

4 State and local government legislation for LGA ___________________________________________________ 11

5 Market overview and sales of particular interest __________________________________________________ 13

5.1 Residential __________________________________________________________________________________ 13

5.2 Rural ________________________________________________________________________________________ 13

5.3 Commercial _________________________________________________________________________________ 14

5.4 Industrial ____________________________________________________________________________________ 15

6 Significant Issues and Developments______________________________________________________________ 16

6.1 Significant Developments – From Prior to Current Annual Valuation ______________________ 16

7 Significant value changes __________________________________________________________________________ 17

7.1 Significant value changes – From Prior to Current Annual Valuation ______________________ 17

8 Overview of the quality assurance process ________________________________________________________ 18

9 Author _____________________________________________________________________________________________ 19


2 Disclaimer

This report has been prepared on behalf of the Valuer General. The purpose of this report is to provide

an overview of the valuation program for the 1 July 2018 valuation in the Local Government Area of

Penrith.

To make a land valuation, regard must be had to the requirements and assumptions set out in rating

and taxing legislation, such as the Valuation of Land Act 1916 (NSW). Land values are also determined

by the rules set out in the “Rating and Taxing Valuation Procedures Manual”. The manual permits large

numbers of properties to be assessed using mass valuation methodologies.

Although mass valuation methodologies may be less accurate than individually assessed land

valuations, they are routinely used across the globe to deliver land valuations for rating and taxing

purposes that are within an acceptable range of variation. Consequently, land valuations from the

Valuer General may vary from an individually assessed market valuation for a parcel of land. All land

valuations are, however, subject to a risk based verification process which ensures each parcel of land

is individually reviewed periodically.

Whilst the content of this report has been prepared with all due care and skill, the Valuer General does

not warrant that it is complete or free from error.

During the valuation process, information is compiled from third party sources, such as information

relating to town planning, land use, zoning and other market related information. The Valuer General

is not responsible for, and makes no warranty in relation to, the accuracy, currency, reliability or

completeness of that information. Readers are directed to contact the source of the information.

The land values made in accordance with the valuation program have been made for rating and taxing

purposes only, therefore, the land values should not be used for any other purpose. No reliance should

be made on the contents of this report. To the extent permitted by law, the Valuer General disclaims

all liability to any person(s) who relies on, or uses, any information contained in this report.

More information on the valuation process is available from the Valuer General’s website at

www.valuergeneral.nsw.gov.au/land_values.


3 LGA Overview

3.1 Location of the district

The Penrith LGA encompasses 404 square kilometres on the western fringe of the Sydney Metropolitan

area, approximately 54kms from Sydney GPO by road and is situated at the foot of the Blue Mountains.

It is bounded by its neighbouring local government areas of Hawkesbury to the north, Blacktown and

Fairfield to the east, Liverpool and Wollondilly Shire to the south and Blue Mountains to the west.

Topographically, it varies from alluvial flood plains adjacent to the Nepean River to undulating hills.

The local government area is a residential and rural area, with most of the established population living

in urban residential areas in a linear corridor along the Great Western Highway and the main western

railway. Approximately 80% of the land area is rural and rural-residential. Much of the rural area has

historically been used for agricultural purposes, including dairying, poultry farming, hobby farming,

orcharding, market gardening and horse breeding. However, the local government area is currently

undergoing significant urbanisation with a number of active urban release areas throughout the council

area. Major and developing commercial centres are located in the suburbs of Penrith, Kingswood, St

Marys, Erskine Park and Badgerys Creek.

3.2 Principal towns

Suburbs, towns and rural localities in the Penrith LGA include; Agnes Banks (part), Badgerys Creek (part),

Berkshire Park, Cambridge Gardens, Cambridge Park, Castlereagh, Claremont Meadows, Colyton,

Cranebrook, Emu Heights, Emu Plains, Erskine Park, Glenmore Park, Jamisontown, Kemps Creek (part),

Kingswood, Leonay, Llandilo, Londonderry, Luddenham (part), Mount Vernon, Mulgoa, North St Marys,

Orchard Hills, Oxley Park, Penrith, Regentville, South Penrith, St Clair, St Marys, Wallacia (part),

Werrington, Werrington County and Werrington Downs. Active urban release areas forming new

suburbs or expanding the adjoining suburbs include Jordan Springs, Caddens, Twin Creeks, North

Penrith (Thornton) Claremont Meadows (Stage 2) and Glenmore Park (Stage 2).

3.3 Main industries

Health Care and Social Assistance is the largest employer within the LGA, generating 11,734 local jobs

in 2016/171. Surpassing Manufacturing which in 2015/2016 was the largest employer with jobs primarily

located in St Marys North, North Penrith, Emu Plains, Jamisontown and Erskine Park. One key industry

sector - education and training - has provided more jobs than local residents working in that industry.

This sector will continue to have significant employment capacity, together with such industries as

health care and social services, and manufacturing.

Per information available at, http://economy.id.com.au/penrith/employment-by-industry, Penrith City

employment (total) by industry in 2016/17 shows the three largest industries were:

Health Care and Social Assistance (11,734 people or 14.5%)

Retail Trade (9,449 people or 11.7%)

Construction (9,065 people or 11.2%)

1 Penrith City website at https://www.penrithcity.nsw.gov.au/Building-and-Development/Penrith-

New-West/Economic-Profile/

http://economy.id.com.au/penrith/employment-by-industry

https://www.penrithcity.nsw.gov.au/Building-and-Development/Penrith-New-West/Economic-Profile/

https://www.penrithcity.nsw.gov.au/Building-and-Development/Penrith-New-West/Economic-Profile/


3.4 Significant retail centres

The major commercial centres are located within Penrith CBD and St Marys town centre. The most

prominent retail centre is Westfield Penrith Plaza, which is classified as a Major Regional Shopping

Centre and is located within the Penrith CBD. Other retail precincts of note in the LGA include: High

Street, Penrith; Queen Street, St Marys; St Marys Village; Station Street Plaza, St Marys; Southlands

shopping centre, South Penrith; Nepean Village, Penrith; Lennox Village, Emu Plains; Glenmore Park

shopping centre; Werrington County Plaza; St Clair shopping centre; Cranebrook Village; and Jordan

Springs shopping centre.

Penrith City Centre

The Penrith City Centre is the administrative seat of the local government area and spreads across

nearly 3 square kilometres. It is also acknowledged as one of only four cities within the Sydney

metropolitan area. The Penrith City Centre is the seventh largest commercial centre in the Greater

Sydney Region with approximately 100,000m² of commercial space and 200,000m² of retail floor

space2. The CBD hosts a number of shopping complexes, the largest being Westfield Penrith Plaza.

Identified as a regional centre, which has been further enhanced by the NSW Government announced

funding for the construction of the M9 Outer West Sydney Orbital in the 2014 state budget to connect

Camden, Penrith and Windsor. The proposed transport corridor serves to increase the viability and

growth of Penrith City as a regional centre.

Kingswood Town Centre

The location of the Nepean Hospital and surrounding medical precinct make this area the primary

medical centre for the Penrith LGA. The precinct is in a central location being immediately east of the

Penrith City Centre and west of The University of Western Sydney’s Kingswood campus as well as TAFE

NSW Nepean College, with many of the services also catering to students of these tertiary institutions.

The Hospital Precinct also enjoys good access by public transport, with Kingswood Station being

directly north of the precinct off the Great Western Highway. The majority of the precinct was zoned

B4 Mixed Use under Penrith LEP 2010, which provides for a mix of commercial and medical related uses

as well as higher density housing to service the future growth of the expanding precinct.

St Marys Town Centre

St Marys Town Centre is a long established and second largest centre (of retail/commercial districts)

within the Penrith local government area. The centre is built on the existing street patterns established

in the 19th century centred around Queen Street linking to the northern side of the Great Western

Highway and just south of St Marys Station. Future plans and current works for the St Marys Town

Centre includes the establishment of two distinct gateways, which, coupled with the creation of a

central town square, aims to revitalise the heart of the town. To further assist the continuing

redevelopment of the area, the existing commercial centres have been expanded towards Queen Street

to further animate the street. The Town Centre has around 44,500 square metres of retail floor space

and around 16,500 square metres of commercial floor space, mostly for professional services3. Station

Plaza and St Marys Village are stand-alone shopping centres within the precinct. The majority of the

2&3Penrith City Strategy – Penrith City Council


precinct was zoned B4 Mixed Use under Penrith LEP 2010, which provides for greater diversity, higher

density housing and an integration of land uses to encourage future growth within the centre.

3.5 Type of residential development

Penrith LGA comprises predominantly low density residential development; however some localities,

such as St Marys, Kingswood and Penrith include the integration of medium density and high density

accommodation, generally close to commercial centres and transport links. The local government area

also has some smaller rural lifestyle villages such as Londonderry, Mulgoa and Wallacia.

Active urban release areas forming new suburbs or expanding the adjoining suburbs include Jordan

Springs, Caddens, Twin Creeks, North Penrith (Thornton) Claremont Meadows (Stage 2), Glenmore Park

(Stage 2), and Penrith Lakes, an area of approximately 2,000 hectares proposed for extensive future

recreational and urban uses.

Badgerys Creek

Located approximately 51 kilometres west of the Sydney CBD, and approximately 22 kilometres south-

east of Penrith CBD, and partly in the local government area of Liverpool. It is part of the Greater

Western Sydney region and is adjacent to the suburbs of Kemps Creek and Austral. The suburb is the

southern most area within the Penrith local government area.

The suburb is best known as being the site for a second Sydney Airport, although no construction has

taken place. In April 2014, the State Government confirmed the construction of the Western Sydney

Airport, which is currently under investigation and planning. The area is predominately rural, but

earmarked for future urban and employment rezoning.

3.6 Infrastructure Projects

Western Sydney Infrastructure Plan (WSIP)

The WSIP is an Australian and NSW governments jointly funded $3.6 billion road investment program

for western Sydney. The Plan is delivering major road infrastructure upgrades to support an integrated

transport solution for the region and capitalise on the economic benefits from developing the Western

Sydney Airport. The Plan includes the following projects within the Penrith LGA:

The Werrington Arterial Road, which opened to traffic in May 2017, was the first major project to be

completed as part of the Western Sydney Infrastructure Plan. The upgrade provided road users with

better, safer access between the M4 Motorway and the Great Western Highway.

The Northern Road upgrade will see around 35 kilometres of road upgraded between The Old Northern

Road at Narellan and Jamison Road at South Penrith. The overall upgrade is being delivered in six

sections with Stage 1 between Narellan and Peter Brock Drive, Oran Park opened to traffic April 2018.

Upgrading The Northern Road in stages to a minimum of four lanes between The Old Northern Road,

Narellan and Jamison Road, South Penrith, including an interchange (underpass) at Bringelly Road.

Construction on the first section of The Northern Road started in 2016.


The proposed M12 Motorway will provide direct access to the Western Sydney Airport at Badgerys

Creek and connect to Sydney’s motorway network.

The Australian Government is also investing $200 million in a Local Roads Package, allowing western

Sydney councils to deliver improved road connections that support the Western Sydney Infrastructure

Plan.

Western Sydney (Airport) "Aerotropolis”

The Western Sydney Aerotropolis (formerly known as the Western Sydney Airport Growth Area) will

make a significant contribution to 200,000 new jobs for Western Sydney by establishing a new high-

skill jobs hub across aerospace and defence, manufacturing, healthcare, freight and logistics,

agribusiness, education and research industries. The 11,200 hectare planning area will be Greater

Sydney’s newest economic hub and is at the heart of the future Western Parkland City. The Aerotropolis

consists of nine precincts. The Aerotropolis Core is one of three precincts, including South Creek and

the Northern Gateway that will be the focus of initial precinct planning.

The Stage 1 Plan (Land Use and Infrastructure Implementation Structure Plan) for the Aerotropolis was

on exhibition from 21 August to 2 November 2018. The Stage 1 Plan sets the long-term vision for the

Aerotropolis. It provides an overview of future land uses and the proposed sequence of development

to ensure new jobs and homes align with infrastructure.

Proposed M12 Motorway

In November 2016, Roads and Maritime released the preferred corridor route for the M12 Motorway –

an east-west 16 kilometre connection between the M7 Motorway, Cecil Hills and The Northern Road,

Luddenham. The M12 Motorway will provide direct access to the Western Sydney Airport at Badgerys

Creek and connect to Sydney’s motorway network. Project value: $1.25 billion. Preliminary design and

access strategy mapping for the M12 Motorway was released February 2018. The project’s

Environmental Impact Statement (EIS), expected to be exhibited for comment in 2019 and construction

to commence in 2020s.

Outer Sydney Orbital corridor identification

Transport for NSW is consulting on a recommended corridor of land for the Outer Sydney Orbital for

a possible future motorway and freight rail line. An initial consultation period and feedback was

received up until 1 June 2018. Key benefits:

A motorway and freight rail line corridor would:

• Provide for a major transport link between the North West and South West Growth Areas,

connecting with the planned Western Sydney Airport and future employment lands.

• Support growing communities, businesses and the creation of new jobs in Western Sydney.

• Allow for freight to move efficiently and safely by rail.


Western Sydney City Deal

In support of delivering the Western Sydney Airport project and creating a new Aerotropolis a 20-year

agreement was established between the Commonwealth, State and eight Western Sydney councils to

invest in significant infrastructure, lifestyle and amenity assets, and to improve employment

opportunities. This collaboration across all three levels of government was released on 4 March 2018

as the Western Sydney City Deal. Focuses of the City Deal include:

• delivering a new North–South Rail Link to the existing Sydney rail network, including connections

from the Aerotropolis to the new airport and beyond;

• supercharging the Aerotropolis and delivering industry precincts to create 200,000 new jobs across

Western Sydney;

• skilling residents in Western Sydney for this new opportunity by creating an Aerospace Institute –

including a vocational training facility, high performance secondary school, a STEM university and

skills exchange;

• more efficient planning outcomes through better coordination;

• an enduring governance arrangement involving all levels of government and private sector to

deliver the Western Parkland City;

• a $150 million Liveability Program to enhance local amenity;

• delivering a Smart Western City Program to enable NSW agencies to embed smart and secure

technology – such as transport and utility monitoring systems – into new infrastructure as it is rolled

out; and

• development of a 5G strategy for the Western Parkland City.


4 State and local government legislation for

LGA

Throughout the year we have monitored and considered the affects State and Local Legislation and

Town Planning have had on values and value relationships compared to prior value levels.

Penrith Council prepared a city-wide Local Environmental Plan, known as Penrith Local Environmental

Plan 2010 (PLEP 2010). This standard instrument (SI) replaced all of the previous local planning

documents and a number of Interim Development Orders (IDOs). PLEP 2010 was implemented in two

stages. Stage 1 was published in 2010 as Penrith Local Environmental Plan 2010. The first stage covered

Penrith’s rural and industrial areas, the St Marys Town Centre, and Penrith’s heritage items and places.

Stage 2 (Amendment No 4), commenced on 25 February 2015, and covered Penrith’s urban areas.

The Penrith Development Control Plan 2014 (PDCP 2014) has been prepared to support all planning

instruments applying to the Penrith LGA, including the Penrith LEP 2010. It represents a consolidation

of all previous DCPs which applied to the City so that a single, City-wide DCP applies to the LGA. PDCP

2014 was adopted by Council on 23 March 2015 and came into effect on 17 April 2015.

The Land Use Zone & Table under PLEP 2010 covers in detail four main categories for each of the

zones. The categories cover the objectives for development, permitted uses without consent, permitted

uses with consent and prohibited uses. Schedule 1 of PLEP 2010 sets out additional permitted uses for

particular land.

Typical minimum lot sizes for single occupancy, dual occupancies, multi dwelling housing and

residential flat buildings under PLEP 2010 are:

Development Zone Minimum Allotment Size

Single occupancy Zone R2 Low Density Residential Varies from 400-600 square metres

Dual occupancy (attached)

Zone R2 Low Density Residential 650 square metres

Dual occupancy (attached)

Zone R3 Medium Density Residential

550 square metres for a standard lot,

600 square metres for a battle-axe lot.

Dual occupancy (detached)

Zone R2 Low Density Residential 750 square metres

Dual occupancy (detached)

Zone R3 Medium Density Residential



Multi dwelling housing

Zone R3 Medium Density

Residential; Zone R4 High Density

Residential



Residential flat building

Zone R4 High Density Residential



Draft Amendment to Penrith Development Control Plan (DCP 2014) - Council is proposing the following

changes to DCP 2014: Oakdale ‘South’ Industrial Estate (Stage 2) - the draft changes will update

controls relating to the extension of the Erskine Business Park ‘Southern Area’, to align DCP 2014 with

the consent conditions of the State Significant Development Application for the 70-ha industrial new

estate in Kemps Creek. The draft amendment to DCP 2014 and supporting information was on public

http://www.legislation.nsw.gov.au/maintop/view/inforce/epi+540+2010+cd+0+N

http://www.legislation.nsw.gov.au/maintop/epub


exhibition from Monday 19 March 2018 to Tuesday 17 April 2018. Stage 3 - Oakdale ‘West’ Industrial

Estate comprising of 90-ha of developable industrial land (also within the Southern Area) is expected

to commence in 2020 as reported by the Goodman Group.

St Marys rezoning proposal: SREP 30

Proposal was on exhibition 04/04 – 11/05/2018 and is currently under consideration by NSW P&E. The

Sydney Regional Environmental Plan No 30—St Marys is a planning instrument that has guided the

development of the ADI site at St Marys since 2001. It provides key provisions such as zones,

development controls and the requirement for the adoption of precinct plans prepared by Penrith and

Blacktown city councils. The proposed amendments outlined in the Explanation of intended effect

mainly relate to land identified as the Central Precinct and Regional Park. They are:

rezoning of approximately 38.4 ha of land within the Central Precinct from Employment to Urban.

This is expected to create approximately 500 additional lots for housing.

revising the size and location of land zoned Drainage to reflect the stormwater management

strategy for the site

rezoning of approximately 1.2 ha of land within Jordan Springs in the western precinct from Urban

to Regional Park that is currently identified for use as Local Open Space.


5 Market overview and sales of particular interest

In general, there were moderate increases in land values in the Penrith local government area between

2017 and 2018. The exceptions being in the industrial segment which experienced strong increases and

the residential segment that experienced slight increases. The upward trend in land values was mainly

driven by continued demand for more affordable properties across the growing wider Sydney metro

area and improvements in infrastructure through major initiatives like the Western Sydney

Infrastructure Plan and Western Sydney Airport.

5.1 Residential

There were slight increases in residential values within the Penrith local government area between 2017

and 2018. R2 zoned properties in Emu Plains and Claremont Meadows have seen strong increases in

land values, this is due to these areas being lower valued and experiencing stronger demand.

There has been strong demand and strong increases in land values for larger sized R3 zoned properties,

capable of development in their own right, in particular in Glenmore Park and Regentville.

An exception to this was the E4 zone. This zone is generally rural lifestyle properties and is not

comparable to the remainder of the residential zones. This zone has seen strong increase in land values

due to demand for better located lifestyle properties.

Sale(s) of interest:

Address Sale Date Sales Price Comments

65 and 65a Jones St,

Kingswood

18/07/2018 $1,450,000 Residential R3 zoned townhouse

development site sale.

61-63 Great Western

Hwy, Kingswood

26/03/2018 $1,600,000 Residential R3 zoned townhouse


23 Adelaide St, Oxley

Park

06/03/2018 $930,000 Residential R3 zoned townhouse


16 Colless St, Penrith 02/03/2018 $2,200,000 Residential R4 zoned development

site sale.

14 Farmingdale Ct,

Luddenham

24/07/2018 $1,100,000 E4 zoned vacant lifestyle property

located in Twin Creeks development

5.2 Rural

There were moderate increases in rural land values within the Penrith local government area from 2017

to 2018. The main exception to this was the RU2 zone and RU4 zoned properties at Kemps Creek, which

saw very strong increases due to its proximity to Badgerys Creek major initiatives like the Western

Sydney Infrastructure Plan and Western Sydney Airport.


RU4 zoned properties Llandilo, Londonderry/Cranebrook and Orchard Hills have seen moderate, strong

and slight decreases respectively. This is due to these areas have increased more than surrounding

areas in recent years which has resulted in reduced demand this year.

Sales of interest:

Address Sale Date Sales Price Comments

812 Luddenham Rd,

Luddenham

03/08/2018 $13,072,000 Land banking sale, within close proximity to

Badgerys Creek Airport.

2830 The Northern Rd,

Luddenham


Badgerys Creek Airport.

72 – 80 Cliffton Ave,

Kemps Creek


Badgerys Creek Airport

727 – 751 Mulgoa Rd,

Mulgoa

29/03/2018 $3,550,000 16.72-ha E3 zoned rural lifestyle property.

5.3 Commercial

There was a moderate increase in commercial values for all commercial zones within the Penrith local

government area (LGA). The increase predominately being due to increased demand from growth

within other market segments in the council area and upgrades to precincts such as St Marys town

centre.

The Penrith LGA commercial zones had 20 analysed sales throughout the 2018 base date, representing

an increase in volume from the prior year. The sales indicate a relatively stable market with little variance

in land values. The sales occurred throughout the local government area and in most commercial

zonings. Sales in the Penrith and St Marys town centres included a number of tenanted investments.

Growth in the residential segment and improvements in infrastructure within the district continue to

buoy most commercial centres within the LGA.


Address Sale Date Sale Price Comments

2 Hargrave St,

29-33 Derby St,

and

34-38 Somerset

St Kingswood

27/06/2018 $7,500,000 Consolidated redevelopment site sale with DA

approval for Demolition of Existing Structures,

Construction of Part Six (6) Storey & Part Seven (7)

Storey Mixed Use Development including Ground

Floor Retail/Commercial Floor Space, 115 Residential

Apartments & Three (3) Levels of Basement Car

Parking. Site is situated opposite of Nepean

Hospital.

47 Phillip St,

St Marys

09/11/2017 $6,120,000 Purpose built commercial office building occupied

by Centrelink. Located within the North West and

North East Mixed Use Precinct in St Marys town

centre.


5.4 Industrial

There was an overall strong increase in industrial values for the Penrith local government area (LGA).

This was driven by a general lack of new supply and increased demand within other market segments.

The exception being the older established industrial precinct in Kingswood that experienced slight

increases from the previous year.

The Penrith LGA industrial zones had 32 analysed sales throughout the 2018 base date, representing

an increase in volume from the prior year. Industrial land supply remained relatively steady, except for

slight increases from new industrial subdivisions in Cranebrook/North Penrith (Waterside Corporate),

Kemps Creek (Oakdale South Industrial Estate) and Orchard Hills (Mamre West precinct) experiencing

strong demand for existing and new supply levels. Growth in other market segments and improvements

in infrastructure within the district continue to buoy most industrial centres within the LGA.


Address Sale Date Sale Price Comments

15 Renshaw St,

Cranebrook

22/11/2017 $1,800,000 2475-m Light Industrial zoned vacant land within

the new Waterside Corporate subdivision. Sold

with DA for a 96 Place Child Care Centre.

15 Ottelia Rd,

Kemps Creek

01/06/2018 $47,112,780 14.29-ha General Industrial zoned vacant site

sold with pre commitment to Costco Wholesale

for construction of a 35,000+sqm warehouse

distribution centre.


6 Significant Issues and Developments

6.1 Significant Developments – From Prior to Current Annual

Valuation

Below is a summary of significant development applications that have been determined or significant

developments completed within the current annual valuation:

DA17/0491 9/06/2017 1003 Wianamatta

Parkway LLANDILO

Torrens subdivision to create 142 residential

lots, residue lots and associated Infrastructure

& landscaping (Stage 4A and Stage 4B within

the Central Precinct, St Marys ADI Site)

Approved 20/12/2017

DA16/1156 1/11/2016 47-51 Preston Street

JAMISONTOWN

Demolition of Existing Structures &

Construction of Six (6) Storey Residential Flat

Building containing 46 Apartments & Two (2)

Levels of Basement Car Parking

Approved 9/02/2018

SSD 8209 27/02/2017 15 Ottelia Rd

KEMPS CREEK

Oakdale South Industrial Estate Stage 4 –

Costco Wholesale, Precinct 4, Site 4A.

Construction and operation of a warehouse

and distribution centre. Proposed GFA:

35,756sqm

Approved 23/02/2018

DA17/0964 13/10/2017 27-31 Canberra Street

OXLEY PARK

Demolition of Existing Structures and

Construction of 20 x Town Houses with

Associated Basement Car Parking

Approved 11/05/2018

DA17/0237 27/03/2017 40 - 48 Garswood Road

GLENMORE PARK

Seniors Housing Development comprising 160

Self-Care Apartments, Related Facilities,

Basement Car Parking & Associated Works

Approved 28/06/2018

DA18/0332 5/04/2018 68 Cadda Ridge Drive

CADDENS

Construction of a 45 Place Child Care Centre

including Basement Car Parking and

Associated Landscaping and Drainage Works

Approved 5/07/2018

DA17/1157 15/11/2017 185-207 Caddens Road

CADDENS

Demolition of Existing Structures and Torrens

Title Subdivision x 46 Residential Lots and

Associated Civil Works, Landscaping & Public

Roads

Approved 19/09/2018

DA17/0920 29/09/2017 1003 Wianamatta Pkwy

LLANDILO

Stage 5A - Torrens Title Subdivision into 114 x

Residential Lots, 1 x Drainage Lot & Public

Roads

Approved 25/09/2018

DA18/0689 16/07/2018 585 - 649 Mamre Road

ORCHARD HILLS

Warehouse & Distribution Facility (Proposed

Lot 6)

Approved 12/10/2018

DA18/0306 28/03/2018 1 - 3 Emerald Street

EMU PLAINS

Construction of a Three (3) Storey

Development Including a 100 Bed Residential

Aged Care Facility, Ancillary Services, Car

Parking and Associated Demolition and Site

Works

Approved 17/10/2018

http://bizsearch.penrithcity.nsw.gov.au/eplanning/Pages/XC.Track/SearchApplication.aspx?id=389406










7 Significant value changes

7.1 Significant value changes – From Prior to

Current Annual Valuation

There have been significant value changes from the prior to current Annual Valuation, as follows:

Properties in the RU2 Rural Landscape and RU4 Primary Production zones south of the M4 motorway

experienced significant value changes mostly within the suburbs of Kemps Creek and Luddenham with

a few small pockets also in (south-west) Mulgoa and (south-east) Orchard Hills. Properties

predominately range from 2 to 10 hectares. The area is within the Western Sydney Priority Growth Area

(now known as Aerotropolis) and is in relation with the proposed Western Sydney Airport at Badgerys

Creek, and the Western Sydney Employment Area (WSEA) in Erskine Park/Kemps Creek. Properties

within or near to these areas have experienced significant growth in the last couple years.

Specific areas within the component are experiencing different market reactions to the extensive

proposed planning and infrastructure impacting the area. Sales to other adjoining components have

also been relied upon that are considered to be within the same marketplace for surrounding areas

outside of the Western Sydney Priority Growth Area.

Properties that experienced the highest increases are generally located north of Elizabeth Dr @

Badgerys Creek in between The Northern Road to the west, Mamre Rd to the east, and approximately

2km north of Elizabeth Dr on Luddenham Rd. There are some 55 properties within this area of the RU2

zone.

Specific infrastructure projects driving these increases include The Northern Road Upgrade, M12

Motorway corridor and Western Sydney Aerotropolis including the expanding Western Sydney

Employment Area surrounding Erskine Park.


8 Overview of the quality assurance process

Property NSW has been provided with a detailed response to the Exceptions Data Report. These

responses explain any anomalies or deviations outside the Statistical measures. A list of High value

properties was also provided at the time of delivery. All Deliverable Statements were completed as

required for each file as it was delivered.

Checks have been undertaken to ensure that all properties have been valued, land values are consistent

with each other, land value bases have been correctly determined and all concessions and allowances

have been supplied. Additionally, properties that had land values amended through the objection or

reascertainment process were individually examined to reconcile surrounding land values and ensure

accuracy of the grading of surrounding land values. Benchmarks and Reference Benchmarks are core

elements of the quality assurance processes and are identified and individually valued in accordance

with the Rating and Taxing Procedures Manual Version 7.2.1. Worksheets have been maintained on all

properties where calculations are required. We have also ensured that adjustments and assumptions

within the market analysis have been based on market evidence and have been fully documented and

rationalised.


9 Author

Report Prepared by:

Nigel Robinson

Contract Services Manager

09 November 2018

Therone Russell

Senior Valuer

09 November 2018

penrith lga - valuergeneral.nsw.gov.au

Documents