Panthers set to kick $800 million goal with new aged care facility

In the old days of rugby league, the leagues club traditionally based its revenue stream on how much went through the beer taps and pokies – but the Penrith Panthers believe you can’t rely just on gambling and grog.

The club is now planning a major property redevelopment, aimed at cashing in on the booming aged care sector in Sydney’s west.

The Panthers plan to develop about 40 hectares worth of land adjacent to its licensed club, starting with a retirement and aged care facility before potential moving towards the construction of high-end apartments, retail and office space.

Eventually the club also hopes to also build an elite level training centre for first grade players.

The club now plans to go ahead with next stage of the $800 million redevelopment plan, which will see 400 to 700 luxury apartments over the top of retail space.

“Why aged care? There's a shortage of it out here in the west,” Panthers CEO Warren Wilson said.

“In any good business, you need to have more than two or three streams of income, you need to diversify your business, and that's what we're trying to do.”

A similar scheme has already been put into place at Woolooware Bay, with the area next to the Cronulla Sharks’ homeground slated to be converted into hundreds of apartments as part of a half billion dollar redevelopment.

The development has already provided a crucial financial boost for the Sharks.