Revelop buys land-rich Sydney market with revamp plan
Revelop has taken control of one of north-west Sydney’s biggest development sites after it languished under the collapsed Dyldam group.
The Parramatta-based buyer led by cousins Anthony El-Hazouri and Charbel Hazzouri is speculated to be paying over $140 million for Parklea Markets at 601 Sunnyholt Road, Glenwood.
An indoor market opened in 1989 spans 20,960 square metres with 893 stalls.
The 21.8 hectare block also contains a 2.4ha service-centre precinct with an Ampol, Hungry Jack’s, KFC and Outback Station restaurant.
About 5.3ha is vacant.
Another 3.2ha is occupied as an overflow car park.
CBRE’s Ben Wicks and James Douglas with Colliers’ Matthew Meynell and James Cowan were the agents.
Glenwood is 30 kilometres from Sydney’s CBD.
Also 12km west of Parramatta, the Parklea Markets site is near the M7 and M2 and Bella Vista Metro.
Revamp planned
Revelop is planning to significantly upgrade amenity at the centre, in a Sydney growth corridor.
The vacant land is earmarked for a mix of residential and commercial product.
The group has already met with Blacktown City Council, according to the ABC, to discuss the redevelopment.
Parklea Markets has historically been subject to specific planning controls with the core market land zoned SP1 Special Activities (Markets), limiting permissible uses to, amongst other things, markets, nurseries and recreation.
Second time luckier
Dyldam bought the site in 2016 for $81m (continues below).
That seller, PBB Advisory, was appointed receiver over the previous owner, Con Constantine, amid refinancing efforts.
A mixed-use project with a c$1 billion end-value was planned.
Dyldam would also have retained the existing improvement while building around it over three to five years.
The developer collapsed in 2020 owing more than $280m. Parklea Markets ultimately returned to receivers.
Revelop buys land-rich site
The Parklea Markets deal caps an active run for Revelop.
Three weeks ago, it bought Prospect Central, spanning 1.5ha, eight km south-west of Parklea Markets, anchored by Woolworths with a 7-Eleven, medical centre, takeaway outlets and more than 100 car spaces.
In June, the group bought Kareela Village, Quakers Court and Ingleburn Village for a combined $126.3m.
The three Sydney neighbourhood centres contain more than 20,000 sqm and are anchored by Coles or Woolworths.
Last year Revelop also bought the retail component of Mall 88 at St Leonards, a strata-titled shopping centre forming part of a residential project.
The year earlier it bought a strata-titled Hurstville mall from Centuria managed Primewest.
This week meanwhile, Mintus, led by Charbel Hazzouri’s brother, Mel, bought Underwood Plaza in Brisbane’s south.
That outlay was $62.5m.
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