The future of Sydney’s Parklea Markets is up in the air this week after it was sold to developer Dyldam for a reported $1 billion redevelopment.
On Wednesday Dyldam released a statement saying Parklea Markets will continue to operate under current management with “business as usual” for the next 3 to 5 years, though it is unclear what will happen to the iconic marketplace after that.
The 21.6 hectare sale includes the Parklea Markets site, it’s carpark, a service centre, two chain restaurants, a free standing residence and vacant land.
In the statement Dyldam said that over the next few years the planning and proposal stages of the redevelopment will ensure the iconic site will be apart of a development that is worthy of its location.
Managing Director of Dyldam, Sam Fayad, said the land would be redeveloped so the ‘landmark site’ could harness its potential and capacity.
“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 North-West Sydney” Mr Fayad said.
The acquisition of the land has been seen as a highly strategic one due to the amount of growth in the region.
Located on Sunnyholt Road, the markets are situated on prime North-Western Sydney real estate, only 12 kms from the ever expanding Parramatta CBD and no more than 30 kms from the centre of Sydney.
Around the adjacent area new infrastructure is being built by the New South Wales state government including upgrades to the local roads and public transport, and currently the under construction Sydney Metro Northwest Line station at Bella Vista.
Parklea Markets opened in 1989 and has been servicing the community of Parklea and Western Sydney with wholesalers and small businesses for the past 27 years.
First appeared in the April 8th, 2016 issue of Western News.