The freehold asset at 20 Riley Street, also known as 156-158 Henry Street, will be offered via in-room auction on 11 May 2026. Generating a net annual income of approximately $448,072, the property is fully leased to St.George Bank and York Jewellers, with both tenants locked into long-term agreements featuring fixed annual rental growth.
The campaign coincides with a significant shift for one of Penrith’s most recognisable retailers. After nearly 35 years trading from Westfield Penrith, York Jewellers is opening another location less than 100 metres away to a purpose-built flagship store on Henry Street. The move marks a new chapter for the family-owned business, which has more than 50 years of trading history in the region.
Its new premises have been designed as a premium retail destination, incorporating a luxury showroom, private consultation areas, a custom design studio and on-site workshop, along with a client lounge and bar. The investment signals a long-term commitment not just to the business itself, but to the evolving Henry Street retail strip.
York Jewellers has secured a 10-year net lease from February 2026, with options extending its tenure further, while St.George Bank - backed by Westpac - anchors the Riley Street frontage on a lease running through to September 2032. The dual-income profile provides a compelling blend of stability and growth, appealing to investors seeking reliable returns in a strengthening suburban market.
RWC Western Sydney managing director Peter Vines said the decision by York Jewellers to establish a standalone flagship spoke volumes about the direction of the local market.
"When a business chooses to step out of a major shopping centre after 35 years and invest in a purpose-built store on the main street, it reflects a high level of confidence in that location," he said. "Coupled with a major bank tenant on a long-term lease, it’s an investment that offers both security and a clear growth story."
Director Victor Sheu said opportunities of this nature were becoming increasingly scarce, particularly in tightly held main street locations.
"This is a prominent corner site with dual street frontage, directly opposite Westfield and within walking distance of the train interchange," he said. "Assets of this scale and quality rarely come up in Penrith CBD, especially with tenants of this calibre already in place."
Fellow Director Joseph Assaf added that broader market conditions were driving sustained investor interest in the area.
"Penrith has evolved rapidly in recent years, supported by major infrastructure investment, population growth and its proximity to the Western Sydney International Airport and Aerotropolis," he said. "We’re seeing genuine depth of demand from investors who recognise the long-term potential of this corridor, and assets like this are right at the centre of that story."
Positioned on a 904.5sqm corner site with dual frontage to Henry and Riley streets, the property sits directly opposite Westfield Penrith and just 200 metres from the Penrith train and bus interchange, placing it at the core of the CBD’s retail and transport hub.
With E2 Commercial Centre zoning and a 20-metre height limit, the site also offers future development flexibility, providing an additional layer of upside beyond its immediate income stream.
The property is being marketed by Peter Vines, Victor Sheu and Joseph Assaf of RWC Western Sydney.
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