Canberra’s Fyshwick Fresh Food Markets Listed For Sale With $ 60 Million Price Guide | The Canberra Times

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The co-owner of Canberra’s iconic Fyshwick Fresh Food Markets says it’s been a good trip “, but the time has come to put the place up for sale while the real estate market is at its peak. Jack Irvine and his wife Barbara, along with Jack’s brother Alan Irvine, bought Fyshwick Markets in 2016 for a reported $ 42 million. Jack and Barbara had long been part of the market family, but had owned and operated Wiffen’s green grocery store in the district since 2007. Fyshwick Markets will officially go on sale next week under commercial real estate agency Burgess Rawson, with price expectations of $ 60 million in profits. Irvine said the decision to sell was simply a financial decision. “The market is very strong and I think it’s time to sell,” he said. “It’s been a good trip, we enjoy having the markets, but it’s not a critical thing that we own it.” IN THE NEWS: Irvine, along with her son Dave, will continue to run Wiffens, which has acted well throughout Canberra’s COVID-19 lockdown. “We have our business here and it’s running very well, it’s a good strong trading environment,” he said. “COVID has actually been good for the markets insofar as we have been one of the venues that has been open every day. We are a semi-outdoor venue so it is quite easy to maintain distance and safety and [there’s] plenty of parking spaces. “Although the place has not yet officially hit the market, whispers about sales have already traveled through Canberra and beyond. Burgess Rawson partner Billy Holderhead said private investors and syndicates were among the potential buyers, including interested parties from Sydney and Melbourne.” think there is a pretty strong chance that the buyer is coming from the interstate if it is a private individual [investor], “he said. Currently trading four days a week, the markets are home to nearly 40 retailers, including smaller stalls in the niche market wing, which closed in 2019. The Canberra Times spoke to a number of market traders, some of whom were surprised by the news. the owners sold. Kumvana Gomani, who owns Woven Design in the niche markets, said it was a pity that the Irvine family sold. “They have been really kind to me as a tenant, so it’s sad, but I think they still will be here so we will still see their wonderful faces, “she said. Ms. Gomani hoped the lively market atmosphere would continue under new ownership.” I just hope they stay in line with the mood that is happening here because it’s really nice, “she said. Also surprised by the news, Mohamad Elmir, owner of The Nut Shoppe, said it had been happy five years under it current ownership, but he hoped to see a few changes in the future. ” There is a lot of unused space around. “If they can help us store owners with storage, build us sheds … that would help us a lot,” he said. “Mr. Holderhead said there was nearly 1,500 square feet of space that could be further developed on the site.” There has definitely been interest from people who are already researching whether to take or not [the markets] to seven-day trade or six-day trade … others are investigating whether you could not cover a parking space or add more retail, “he said. Even if you just let it cross as it is, it will be a very good investment for someone. “Mr. Irvine hoped the new owners had a good understanding of market operations.” We’ve seen a few examples of markets in Canberra that have not really flown from one buyer to the next with great success, “” I hope we see someone come in who understands how it works and understands how traders works and keeps it all rolling. “After reflecting on nearly six years of ownership, Irvine said there were not many major changes in the markets, but a lot of maintenance to keep it” pretty well up to the specifications. “So of course did we something right, “he said. Our journalists work hard to deliver local, up-to-date news to the community. Here’s how to continue accessing our trusted content:

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