Minister Brad Hazzard and Parramatta MP, Geoff Lee, have announced that Telopea will receive a fresh start and 'rebirth' with plans to invest $2.5 billion dollars on refurbishing the small suburb in the next 10 years. Mr Lee said that the "urban renewal and transformation of Telopea is a fantastic win for everyone in the community."
The master plan sets out the construction and redevelopment of new social and private housing in the area, along with newly established community centres, playgrounds and green space. Minister Hazzard is hopeful that combining affordable social housing with private housing will reduce the criminal and anti social behaviour that has been associated with the suburb. From a financial perspective, the plans have the potential to see a substantial and significant increase in the values of Telopea property; putting the suburb back on the radar of future investors.
Minister Hazzard said "Parramatta is an amazing place to live. But Telopea hasn't been at the top of the crown so far but it could well be that way when the community has its say on its future. It is a magical location, its hills, its outlook, its trees, it is beautiful. We just have to capture the beauty and mix it with local magic." The government has opened a consultation office in Telopea to provide the community an opportunity to view and have their say on the plans Development is predicted to start in 2018.
What impact may this have on commercial property?
This proposed master plan is likely to benefit those in commercial property, thanks to the predicted increase in property values in Telopea and surrounding areas. The suburb's close proximity to the rapidly evolving Parramatta CBD will also likely act as an important drawcard for buyers, leading to continued growth in the Western Sydney region.
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