The Fyshwick markets will operate as normal after being sold, the agents say. Photo: Supplied Fyshwick markets have been sold more more than $42m. Photo: Supplied
Fyshwick’s fresh food markets have sold for more than $42 million but it’s business as usual for the iconic space, the agents behind the sale said.
The markets were put up for sale for the first time in 27 years last August.
An expression of interest campaign that followed generated seven “highly competitive” bidders, the agents said.
“The property was vigorously pursued by a number of private investors, both Canberra-based and nationally,” Peter Rossi, national director of retail investments at CBRE, said.
“It was a good, open process that yielded that result.”
The purchasers were a private investment group who bid through a Canberra-based accountancy firm, Mr Rossi said. The sale price was $42,200,000.
The Canberra institution generates a net annual income of about $3.3 million and includes 629 parking spaces, as well as about 1740 square metres of vacant land for additional development.
Mr Rossi said it would be business as usual for the markets, as they acted as a steady income stream for the purchasers.
“It’s a very successful fresh food retail facility, there’s no reason to think that would change,” he said.
“The operation of the centre will be the status quo.”
Unique Meats owner Matt Hicks said he was relieved to hear the purchaser was someone who understood the markets, and had its best interests at heart.
The markets are a popular destination for Canberrans from Thursday to Sunday, when they come for fresh fruit and vegetables, fish markets, butchers, cafes, liquor shops, and the cooking school.
Many of the shops are on long leases.
The 2.65 hectare site underwent a major redevelopment between 2008 and 2012.
The markets, Canberra’s oldest, began as the city’s first farmers’ markets in 1965. Construction of permanent buildings began in 1967 and many of the markets’ tenants have traded there ever since.
The markets are home to a variety of shops selling fruit, vegetables and flowers, as well as halal and organic chicken shops, delicatessens, bakeries, cafes and an Asian grocery store.