Three tower development site sells in Norwest Business Park
Artists impression of the concept plan for a commercial site in Norwest Business Park.
A major commercial development site with potential for a high rise hotel has sold next to Norwest Station.
The sale of the mixed use 9404 sqm site, at 25-31 Brookhollow Ave, has been called a “once-in-a-lifetime” chance to cash in on the massive growth corridor of the Norwest Business Park across Bella Vista and Baulkham Hills in the Hills Shire.
The site, owned by Sydney Metro, was bought by investment company Mulpha following an invitation to tender campaign for an “undisclosed price”.
It has potential for up to 52,000 sqm of gross floor area across commercial, hotel and retail uses subject to council approval.
Norwest Station opened in May 2019.
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Mulpha has been heavily invested in the Norwest Business Park, revealing in 2017 a multi-billion dollar vision to create a world-leading innovation, lifestyle and economic “smart city” inside the park.
The park has since grown to accommodate more than 20,000 employees with infrastructure upgrades including the North-West Rail line, the upgrade of the Windsor Road entry to Norwest and the M2 upgrade.
The planning proposal for the Brookhollow Ave site is for a mixed-use development of three main buildings with heights of up to 11, 23 and 25 storeys.
The site was sold by Mark Litwin, Wally Scales and Grant Bulpett of Knight Frank, while Landcom worked on behalf of Sydney Metro to seek out experienced developers.
Artist impressions of The Green development by Mulpha at Norwest Business Park.
Mr Litwin said Knight Frank had gone through a comprehensive process to find the right buyer to develop the site.
“This landmark commercial development opportunity was entirely unique, with planning controls amended to allow for close to 52,000 sqm of commercial, place-making retail, and hotel accommodation,” he said.
“As a growth corridor Transit Oriented Development (TOD) site, the interest level during the campaign came from domestic and offshore listed development entities, seeking modern gross floor area in a post pandemic market.
Mulpha’s The Bond Norwest, opened in April, described as a “next generation workplace where world leading wellness initiatives are redefining what a workplace can be”.
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“These TOD opportunities are increasingly rare, and we’re delighted to continue to represent Sydney Metro and Landcom for the disposition of these opportunities, getting them in the hands of high-quality development capital, and playing a role delivering on the North West Places vision.”
Mr Scales said the sale represented a once in a lifetime development opportunity.
“The site presents the opportunity for a landmark development that will become an essential part of the future of the Norwest Station Precinct, creating a benchmark for transit-oriented development and a great place to do business, work and visit,” he said.
“The Norwest Business Park is a well-established commercial development in Sydney’s Northwest, and it is anticipated commercial development projects in the evolving business park will be in demand given the new transport connections to be provided by Sydney Metro.”
He said recent approved site-specific planning controls, including floor space ratios and building height, allowed for a new benchmark in high-rise commercial development within the Norwest Business Park.
The idea is to capitalise on rapid access to Macquarie Park, Chatswood and Sydney CBD.
