PAYCE is delighted to have signed a Project Delivery Agreement with a leading NSW Community Housing Provider, Evolve Housing. In partnership with Evolve Housing, PAYCE will deliver a mixed tenure residential development that includes social, affordable and private housing apartments that will become home for over 500 people in the high need area of Western Sydney.
Located in one of the major commercial centres in Greater Western Sydney, the 268 apartment development at the Thornton Estate Penrith will be underway early 2016. The development will include 134 social and affordable housing apartments and 134 private market apartments.
The Thornton Estate Penrith is a landmark development for the community housing sector, with Evolve Housing sourcing 97% of the funding commercially. This $96 million innovative, sustainable housing model is a breakthrough for the sector and demonstrates how a community housing provider and property developer can partner to grow the supply of appropriate and affordable housing.
Andrea Galloway, CEO Evolve Housing said “The Thornton Estate Penrith, is a significant development that demonstrates how great social outcomes can be achieved between the not for profit and private sectors. Since moving into an Evolve Housing managed property, 74% of tenants report that their quality of life has improved, giving them a real opportunity to build a better life, realise their potential as an individual and be an active member of the community.”
“With housing affordability at crisis levels in Sydney, it is vital that community housing providers like Evolve Housing, play a greater role in growing the supply of appropriate and affordable housing. Partnering with PAYCE, the private sector has provided alternative funding to deliver a housing development that will make a real difference to the people of Western Sydney.
By aligning with a likeminded organisation that shares similar values, it demonstrates that partnerships between not for profit organisations and private property developers can be mutually beneficial, both economically and socially.”
“PAYCE and Evolve Housing share a vision for building communities that transform lives. PAYCE has a reputation for creating communities and environments that have the necessary support infrastructure, such as shops, good transportation links and amenities. Our combined goal is for residents to be happy and engaged, creating harmonious and cohesive communities that are socially and environmentally sustainable,” said Ms Galloway.
Dominic Sullivan, PAYCE General Manager said “PAYCE is delighted to partner with Evolve Housing, a leading NSW Community Housing Provider, on this development that will innovatively increase the affordable housing stock in Greater Western Sydney.”
