Norwest Marketown sold and could be converted into a mixed-use development

NORWEST Marketown has been sold and the new owners are contemplating redeveloping the precinct.

For Hills Shire Times. Supplied artists impressions of Norwest City

NORWEST Marketown has been sold and the new owners are contemplating redeveloping the precinct.

The Australian has reported that Malaysian company Mulpha acquired the site for $120 million, which was land they had previously sold to Capital Corp more than a decade ago.

A Mulpha report in December 2014 looking at a proposed acquisition said the company was required to initially pay $6 million on signing the contract.

Mulpha would pay the remaining $114 million by the end of January.

The report also indicated the land’s “substantial redevelopment opportunity” was a positive factor for buying Norwest Marketown.

The shopping centre, which has Coles and a variety of specialty stores, could be converted into a mixed-use development.

While trying to sell the property for the previous owner, Stonebridge Property Group highlighted the redevelopment opportunities for buildings as high as 30 storeys, creating significantly more residential, shopping and office space on the land the shopping centre currently sits on.

The site is also across the road from the future Norwest train station.

Mulpha has been involved with projects near the business park, and developed the nearby Bella Vista Waters.