The original plaza was built by the Lend Lease Corporation in 1970 and was opened in 1971. In 1977 an extension was added to the north west corner. In the late 1980s redevelopment of the centre began. This would create a multi- leveled state-of-the-art shopping centre which would open in stages during 1992 & 1993. In 2004 work began on the extension to the plaza on the eastern side of Riley Street. It was opened in November 2005. In June 2005 the Penrith Plaza was taken over by Westfield. The extensions would include a new Franklins store.
