Industry welcomes expansion of state approval pipeline
The Property Council of Australia today welcomed the NSW Government’s decision to that the threshold for warehouses and data centres to be assessed as State Significant Development will be lowered from $50 million to $30 million.
“Warehousing and logistics serve as the backbone to the NSW economy. This decision means the State will take an expanded role in approving developments which enable our supply chains to function more efficiently and effectively in a time of economic disruption and upheaval,” Jane Fitzgerald, the Property Council’s NSW Executive Director said today.
“When applications for new warehousing enter the planning system, they are often supported by large industrial tenants with immediate needs to expand their capability and this underscores the need for fast and effective approvals.
Ms Fitzgerald said last week’s ANZ/Property Council survey showed sentiment in the industrial property sector in NSW was at record levels.
“Industrial and logistics property is a hot commodity right now and it’s great to see the NSW Government striking while the iron is hot,” Ms Fitzgerald said.
“It is pleasing to see the NSW Government has committed to expanding the number of assessment staff to support their decision to take on this new responsibility.
“We look forward to continuing to work with the Department as they continue to roll out their Planning Reform Action Plan over the coming months.”
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