Fyshwick Fresh Food Markets is on sale again, almost six years after it was last traded for $ 42.2 million.
Co-owners Barbara and Jack Irvine, who expect bids of over $ 60 million dollars, say the time after the COVID storm had weathered it was time to move on from the markets.
“Since markets are an important service that has traded through COVID, this is an appropriate time to sell,” said Mr and Mrs Irvine.
“Markets is a historic retail area in Canberra that has served the community for nearly 60 years, and current tenants, mostly long-term, are a testament to the property’s success. In addition to many fresh food rentals with central parking facilities, the newly established niche markets provide an extra dimension to the shopping experience.
“Every business at Fyshwick Markets contributes in their own unique way, which is what makes Markets so successful. We hope that the new owners value the nuances of the overall operation and that the markets continue to thrive. ”
Burgess Rawson Canberra has been recruited to organize the sale. CEO Guy Randell says the expectation of offers above $ 60 million is a testament to the market’s current performance, its potential for further growth and the state of the wider market.
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“There has been an increase in rent and an increase in gross sales.”
“The market is as tight as it has ever been; of course, the interest rate is completely different. These tweaks alone make it significantly more than it was before. ”
“It certainly has some development on earth there as well. It has not reached its potential, ”Mr Randell said.
The property will officially hit the market at the end of this week. It will be sold by express of interest (EOI). The EOI period is scheduled to end on 19 November.