The original plaza was built by the Lend Lease Corporation in 1970 and was opened in 1971. In the late 1980s redevelopment began, creating a multi-leveled state- of-the-art shopping centre which opened 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.
