Mayfair at Thornton approved for mixed use development, 287 apartments, defect insurance to be given to buyers
Buyers for a newly-approved, $122 million apartment complex are set to be offered protection in the form of ‘defect insurance’ following a spate of issues in new apartment towers across the state.
Penrith
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A towering, $122 million mixed-use development – which includes two apartments block and an adjoining retail hub – is set to offer its future owner occupiers ‘defect insurance’ for 10 years.
Approved on Monday, “Mayfair at North Penrith” will offer a total of 287 one, two and three-bedroom apartments split across two eight-storey towers both of which will be topped off by a rooftop pool.
Mayfair will be the sixth development from Urban Property Group in the Penrith area following on from nearby completed projects Navali and Lumina.
UPG’s Development Manager, Richard Boulus told the Daily Telegraph the “architecturally renowned” apartments will come with “latent defects insurance”, as “a ten year insurance policy for residential occupants” in the event of structural defects.
Introduced in November 2023, “LDI” seeks to strengthen consumer protection and confidence in the wake of significant defects at major developments such as Mascot Towers which saw buyers lose everything.
Urban Property Group is the first developer in NSW to adopt the policy which Chief Operating Officer Mark Elias describes as “critical to rebuilding confidence and trust between developers and buyers”.
“LDI provides a 10-year insurance policy post-completion on those structural elements that are important or causing those issues that had previously reduced confidence in that sector.” he said.
It comes as 10 separate buildings across NSW were issued with Fair Trading NSW rectification orders to fix defects —such as cracks, leaks and poor fire safety— in the last month including two developments containing more than 50 separate defects.
Meanwhile further draw cards for the precinct include a rooftop swimming pool for each building, two spas, alfresco dining, bar space, BBQ facilities, fire pits and even a “potential outdoor cinema space”.
Below the eight levels of residences will be 14 retail spaces and a ground level dedicated to “flexible commercial floorspace” and a community garden with three levels of basement parking situated below.
Also proposed is a community garden with a “Bush Tucker Walk”, which will have plants traditionally used for sustenance based on Aboriginal cultural knowledge.
A planner for the project said the garden is aimed at “incorporating design features which promote a strong connection to Country”.
“The proposed introduction of Bush Tucker planting will provide interest and draw people toward the community garden space, by promoting the edible use of indigenous planting is central to the design intent for the community garden as a place for people to gather, grow food, and learn,” the planner said.
The slated location at 160, 162 and 172 Lord Sheffield Circuit in the Thornton estate was previously labelled as a “State Significant Site” by the state government for its potential to accommodate significant retail and employment growth for the area as well as its immediacy to Penrith station.
Already a burgeoning high rise residential hub Mayfair will be neighboured by a cluster of existing towers with four more still under assessment, which if approved could see 553 more units built, including a 31 storey building.
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