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
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
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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