It’s exciting news for both the local commercial property investment industry and for the future of science and technology in Australia. In July this year, the proposed science and technology park in western Sydney passed an important milestone when it was given approval by local council to move to the next stage in the planning process.
Touted as the new ‘Silicon Valley’ of Sydney, this project is anticipated to bring hundreds of much-needed skilled jobs to the western Sydney area and provide a hub for science and technology that will benefit the whole of Sydney and beyond.
Boost in employment and economic activity
According to Penrith City Council, the proposed science park will cover more than 250 hectares in total and will be based in Luddenham, which is located a short 20-minute drive from the Penrith city centre and within easy striking distance of the new airport at Badgerys Creek.
This development is expected to bring a much hoped-for boost for employment in the area, with over 12,000 new jobs to be created in high paying, highly skilled areas. The construction alone is anticipated to create as much as $2.5 billion in economic activity.
Features of the proposed park
The park will be used as a hub for technological research and innovation, especially in the health, energy and food sectors. It will also feature a number of residential housing options, parks and other facilities. The plans for the area include a primary school, retail outlets and open spaces and sporting fields along with commercial and office space.
Features of the park will include:
New investment opportunities
The science park is one of a number of recent economic measures that are expected to transform western Sydney, including the new Badgerys Creek airport. Infrastructure is already being developed to meet the anticipated new growing needs of the region and should be in place by the time the science park is completed.
It is expected that the park will attract the world’s leading scientific organisations and professionals into the region. This in-turn will considerably change the image of western Sydney as the domain of blue-collar workers by providing skilled jobs in the science and technology industries along with increased educational opportunities for people living in the area.
The plans for the science park are due to go on display to the public in the near future with expectations that the first 200 jobs will be created in 2016.
This investment in western Sydney has great implications for the local community in the future, and is especially interesting for anyone who is looking to invest in commercial property in the area.