Receivers sell off Sydney’s Parklea Markets
Property developer Dyldam has swooped on the Parklea Markets site in northwest Sydney, securing the property for a $1 billion redevelopment, but owner Con Constantine has been locked in talks to save his prime property asset.
Parklea Markets was sold by receiver, PPB Advisory, after elongated efforts by Constantine to refinance and interest in the site from Chinese groups, which is likely to have driven the price to more than $80 million.
Real estate agent Colliers International marketed the property as one of the region’s most unique opportunities, with both a going concern market and a development play on offer.
The 21.6ha property off Sunnyholt Rd has multiple income streams and a number of value-add and divestment strategies, which Dyldam may pursue on its own or partnership.
We plan to create a vibrant mixed-use precinct of commercial, retail and residential
Dyldam will run the markets under their existing management for the next three to five years and then invite existing tenants to be part of the commercial mix in its new project. The developer is expected to work up a scheme while also reaping income from the indoor market and the surrounding carpark area.
“We are looking forward to working closely with Blacktown Council and the relevant authorities to bring this significant landmark site to its full potential. We plan to create a vibrant mixed-use precinct of commercial, retail and residential that will promote positive social and economic outcomes for northwest Sydney,” Dyldam managing director Sam Fayad says.
The project is well located with the Westlink M7 and M2 Motorways to the south of the site, which is also near the proposed Bella Vista train station and next to the proposed Sydney Metro Northwest rail link.
We are looking forward to working closely with Blacktown Council and the relevant authorities to bring this significant landmark site to its full potential
Dyldam’s existing land bank portfolio includes the Bull and Bush Hotel site, the former Bonds Spinning Mills in Pendle Hill, projects in Kellyville and the Parramatta sites, Auto Alley and the former Cumberland newspaper site in Macquarie St.
In a separate case, PPB has been called in as receiver of Ario Funds, a company that operated three Queensland shopping centres it was redeveloping into a $200 million portfolio.
Ario Funds has stakes in the vehicles redeveloping the MKT Deception Bay in Brisbane, Ashmore City on the Gold Coast and Wilsonton in Toowoomba.
This article originally appeared on www.theaustralian.com.au/property.
