The Fyshwick Fresh Food Markets is up for sale again, nearly six years after it was last traded for $42.2 million.
Expecting offers of over $60 million, co-owners Barbara and Jack Irvine say that after weathering the COVID storm, the time was right to move on from the Markets.
“With the Markets being an essential service, having traded through COVID, it is an appropriate time to sell,” Mr and Mrs Irvine said.
“The Markets are a historic Canberra retailing precinct, having served the community for near 60 years, and the current tenants, being mostly long term, are testament to the success of the property. Besides numerous fresh food tenancies with central car parking facilities, the newly established Niche Markets provides an extra dimension to the shopping experience.
“Every business at Fyshwick Markets contributes in their own unique way, which is what makes the Markets so successful. We hope the new owners value the nuances of the overall operation and the Markets continue to thrive.”
Burgess Rawson Canberra has been enlisted to organise the sale. Managing director Guy Randell says the expectation of offers above $60 million is a testament to the current performance of the Markets, its potential for further growth and the state of the wider market.
“There’s been an increase in rents and an increase in gross revenue.”
“The market’s as tight as it has ever been; obviously, interest rates are completely different. Those tweaks alone make it substantially more than what it was previously.”
“It’s certainly got some development upside on the land there as well. That hasn’t reached its potential,” said Mr Randell.
The property will officially hit the market at the end of this week. It will be sold by expression of interest (EOI). The EOI period is scheduled to conclude on 19 November.