Parklea Markets has a new owner and the billionaire cousins behind Revelop have major revamp plans for the languishing western Sydney site.
Parklea Markets is changing hands.
Sydney’s Parklea Markets are set to be revamped by the billionaires behind the Revelop property empire after they swooped on the western Sydney icon in an almost $150m deal.
The markets, once part of the failed Dyldam empire, have been languishing, but the cousins who run Revelop intend to overhaul it.
Anthony El-Hazouri, 36, and Charbel Hazzouri, 37, who founded Revelop in 2008, prefer to focus on underperforming properties and bringing them up to scratch, or buying from large institutions and actively managing centres.
Their estimated $2.84bn combined fortune placed them 63rd and 64th on this year’s edition of The List – Australia’s Richest 250. They have already amassed a portfolio of more than 80 commercial properties mostly in Sydney, including shopping centres at Greystanes, Frenchs Forest, Balgowlah and Forest Lodge and were buying more in the city as recently as June.
Mr El-Hazouri confirmed that Revelop had exchanged contracts to purchase the “once in a lifetime opportunity” in the heart of northwestern Sydney, but declined to comment on the price.
He called Parklea Markets a “staple and icon” of northwest Sydney for decades.
“We intend to make significant amenity improvements but the heart of what makes the markets so great and sought after by the stall holders and community alike will remain,” Mr El-Hazouri said.
“The surrounding land will be subject to various commercial and residential developments over coming months to be announced as plans are closed out.”
Revelop owns a series of retail centres in NSW, SA, and Victoria. It has surrounding centres in Stanhope Village, Emerton Village and new developments across northwest Sydney and western Sydney such as Box Hill, Dural and Plumpton.
“Parklea will remain as a string supporting markets retailer providing a complementary offer to the catchment,” Mr El-Hazouri said, planning to focus on its rejuvenation. “Parklea Markets has always been a great destination and a very well serviced facility. We hope to breath fresh life into this great institution and add supporting uses to make this a true local hub the community can be proud of,” he said.
Parklea Markets sports retail offerings spanning food, fashion and bargains and was listed with a strong focus on its redevelopment capacity, with potential to build housing in coming years.
The landmark spans 21.76ha market and it has rezoning potential in one of Sydney’s fastest-growing corridors.
The market building spans 20,960sq m, with two additional land parcels that include an overflow carpark that is 3.2ha; vacant land of 5.3ha; and the service centre which is 2.4ha. Parklea Markets is anchored by a service centre that includes Ampol, Hungry Jack’s, KFC and Outback Steakhouse.
The markets were previously sold in 2016 to Dyldam Developments for more than $80m. They spruiked the site for a $1bn refurbishment within eight to 10 years that did not occur.
Dyldam has since collapsed with its last project completed in 2020, and owing more than $280m.
The site is being marketed by CBRE’s Ben Wicks and James Douglas and Colliers agents Matthew Meynell and James Cowan who have been contacted for comment.
The Daily Telegrah
Ben Wilmot
17/08/2026