INTERNATIONAL groups are continuing to pursue sites with development potential, with Malaysian-backed company Mulpha in due diligence to buy the Norwest Marketown shopping centre and its adjoining land in Sydney’s northwest for about $120 million.
The property is located in the 377ha Norwest Business Park where Mulpha has been the lead stakeholder and developer over the past two decades.
Mulpha sold the plot of land it is now circling to developer Capital Corporation about 16 years ago. Capital developed a shopping centre on the site before selling it to its current private owners.
The Norwest Business Park, about 35km from the Sydney CBD, will eventually house 40,000 workers and 10,000 residents.
The Norwest Marketown centre and its adjoining site, marketed as NorwestCity, includes 4ha of land with the potential for the development of apartments, commercial and more retail space.
The 11,000sq m shopping centre is anchored by a Coles supermarket and includes a food court, shops, restaurants and childcare. The property is bounded by Norwest Boulevard to the southeast, the Hillsong Church and carpark to the southwest, and Norwest Lake to the north, and is opposite the Norwest Railway Station development.
The owner, Norwest Marketown Pty Ltd, yesterday denied that a final party had been chosen.
Mulpha and the agents marketing the site, Stonebridge Property Group’s Lincoln Blackledge, Philip Gartland and Carl Molony, declined to comment.
The mooted sale follows the purchase last week of the Burwood Plaza shopping centre by Holdmark Property Group for $80m.
The centre was sold on a yield of 5 per cent but attracted aggressive offers because it has the potential for 340 apartments and 16,000sq m of extra retail space.
The 12,361sq m shopping centre is anchored by a Woolworths store and houses a Best & Less and Tong Li supermarket.
Mulpha has an extensive Australian portfolio. The group is developing a residential community at Sanctuary Cove on the Gold Coast’s Hope Island. It also owns a resort at Hayman Island on the Great Barrier Reef.
In Sydney, it is developing homes at northwestern Bella Vista Waters and also plans a project at the nearby Edgewater.