For almost 20 years, the 7.8 hectares of fenced-off grassy paddocks next to Penrith Stadium have remained largely vacant. Now, a Chinese-backed developer has become the latest to try and transform the site, revealing plans for a $1 billion residential development with almost 2000 apartments.
Plans for the first of what SHMH Group Australia says will be 10 stages of construction for its residential community, The Beacons, have been lodged with Penrith Council. The development application details a $162 million vision for four buildings comprising 278 apartments, a childcare centre and ground floor retail stores, with two public open spaces.
A concept plan for entire site was unveiled earlier this year, which, pending approval, would see approximately 1995 apartments built across several buildings up to 20 storeys in height at 164 Station Street.
Artist impression of a new residential development from SHMH, adjacent to Penrith Stadium.Credit: PTW Architects
But the site has a history of failed plans. Previously, part of the land had been occupied by a Panasonic assembly plant, which closed in 2006 and was demolished in 2018. Another developer, Parkview Penrith, then attempted to convert the land into 1100 apartments, before slashing that number down to 570 and adding a hardware store, then eventually selling up after the plan was refused by the council.
Property records show SHMH bought the land for $45 million in 2015. Since then, the site has sat empty.
SHMH has approval for earthworks and roadworks on its land, and has gone through a “design excellence” process, but this is the first time an application for its residential development has been lodged with the council. The application will be determined by the Sydney western city planning panel.
Its parent company is SHMH Real Estate Group, which, according to its website, is one of the top 50 property developers in Shanghai. The developer has previously completed one Sydney project: the five-storey, 57-unit Vantage apartment building in Eastwood.
Although the Penrith project is still in the early stages, the developer hasn’t been shy in criticising the site’s neighbours: in June 2024, it was revealed SHMH had threatened legal action against the planned redevelopment of Penrith Stadium, known commercially as BlueBet Stadium, over claims it had been ignored as a key stakeholder and that the work could put its project at risk.
