Re-development of Penrith has halted as The National Bank of Australia pulls out.
Developers Lowther Manelli have confirmed that the £79million scheme, the biggest in Penrith’s history, has been stopped, after the National Bank of Australia withdrew funding for the project. This is dreadful news for town, which needs the 950+ jobs which the scheme will produce to secure the futures of many of its residents and prospective inhabitants. The project will also throw up huge recruitment/accountancy/engineering opportunities, which will be sadly missed if it does not receive the required finance.
Negotiations with all partners are ongoing to try to achieve a project that will better meet the Council’s aims for it to act as a basis for the regeneration of the town and local area. The local government is also concerned about future employment in Penrith, with the worry that many people will leave in search of jobs elsewhere. The next step is for officers and business partners to have further discussions with all associates and will report back to Members at the June Council meeting.
Although progress at Penrith New Squares is currently halted, the concept of a £77 million mixed use development that will rejuvenate the Southend Road area of Penrith is still the main focus. The regeneration scheme is geared towards revitalizing the town of Penrith to create a vibrant shopping and tourism destination, with an abundance of new job vacancies, that can be a catalyst for a wider generation, and is part of the Penrith Market Town Initiative.
Let’s all hope that investment in the project can be found swiftly, so that we can all rest assured that employment and job creation can continue into the future for the youth of Penrith and the surrounding area.