Poly Australia has acquired an outstanding site in Bankstown, one of Sydney’s most multicultural communities and a key future growth area.
The latest acquisition secured by Poly is the site of the historic Bankstown RSL club on Kitchener Parade, Bankstown.
Bankstown RSL Club is currently re-developing a piece of land adjacent to their existing site, which will form the home of the new club. The existing 13,265sqm site was purchased by Poly Australia for $53.6 million.
Once vacated, Poly Australia intends to develop a large scale mixed-use residential and retail hub, which along with the new premises of the RSL Club is set to become Bankstown’s new premier dining and entertainment precinct.
The city of Bankstown has been identified by the NSW Government as a key growth area as part of its Sydenham to Bankstown Urban Renewal Corridor Strategy, with plans for up to 35,400 new homes and 8,700 new jobs over the next 20 years, and key infrastructure investment to support the future community.
The iconic Bankstown RSL Club, which currently only utilises 25 per cent of the space it once used, has been an important part of the Bankstown community since 1928 – and is one of Sydney’s oldest RSL clubs. The new RSL club – a $75million purpose built venue – is currently under construction on the corner of Marion and Meredith Streets.
The new club will also include a hotel for travellers utilising nearby Bankstown airport.
The existing RSL club site will be redeveloped into a $400million mixed use residential and retail hub by Poly Australia. Both projects will kick off a $475million redevelopment to the west of Bankstown CBD.
“We are looking forward to the opening of our brand new premises and becoming one of South Western Sydney’s premier hospitality venues,” said Bankstown RSL CEO Scott Dickson.
Poly Australia intends to develop a mixed-use precinct of approximately 500 apartments, as well as a dining and retail hub on the current site. A DA is expected to be lodged in late September 2017 with construction expected to begin in early 2019.
Poly Global Managing Director Arthur Wang has identified Bankstown as an important area of growth within the Sydney market.
“Bankstown has increased in popularity in the last few years, thanks to its easy access and proximity to Sydney’s CBD as well as Parramatta,” he said. “Bankstown also represents an important aspect of Australia’s multicultural identity, and as such the cultural and lifestyle amenities already on offer rival many other Sydney suburbs.”
“We intend to ensure that Bankstown retains this identity and remains a retail hub for the surrounding community.”Download media release