June 17, 2003
The current $800,000 revitalization of Picton Town Centre confirms the gentrification of the region, signaled by the growth of the southwest as a key performer in Sydney residential property market. The results from the McGrath APM Index for the December 2002 quarter confirm that Sydney's West and Southwest regions have led overall price growth with four out of the five fastest growing suburbs being from these regions.Peter Brennan, Chief Executive of Bradcorp, the visionary behind the region's unique $200 million resort-style development Stonequarry, regards the improvements as significant for the region.
"This revitalisation shows the recognition by the Council and the community of Picton and reinforces its value as a town servicing one of the fastest growing regions of the south-west. The recent $5.3 million sale of the dairy adjacent to Stonequarry is highly relevant in terms of capital growth for the residents of the area."
Mr Brennan adds, "With the village and historic feel preserved and enhanced by the revitalisation, the region and its residents will be benefited enormously. This will be particularly attractive to those that have brought at Stonequarry from both a commercial and lifestyle perspective."
The enhancement program of the historic town aims to retain the feel of the country town whilst providing efficient pedestrian and vehicle flow, slowing traffic, softening the streetscape, rejuvenating the commercial area and increasing the focus on the retail centre of Picton.
The improvements include new drainage, kerbs and guttering between Stonequarry Creek and Menangle Street, new gardens and trees, wider footpaths, improved street lighting and room for outside dining areas.
The $800,000 Picton Main Street Enhancement Program, was developed through consultation between Wollondilly Shire Council and Picton Chamber of Commerce.
Mr. Brennan explains, "The project facilitates exactly the lifestyle Stonequarry wishes to provide, by enhancing public spaces and places and therefore assisting friendly community living. It provides the luxuries of the city in a rural and attractive location. The revitalisation project coupled with the Stonequarry development should see the town of Picton boom."
He adds, "Stonequarry's economic and social impact in the immediate vicinity will be profound by its stimulation of local business and its facilities. When fully developed and operational, we'd expect that over 1,000 full time employment positions in the region will be directly attributable to the project."