Famous Fyshwick Markets sold for $42m
Canberra’s iconic Fyshwick Fresh Food Markets have been sold for $42 million, proving a little bit of local knowledge can go a long way.
An investor from the nation’s capital got the better of interstate buyers to snap up the popular market, which was last year put up for sale for the first time in 27 years.
CBRE’s Canberra managing director Andrew Stewart, who ran the sales campaign with CBRE national director of retail investments Peter Rossi, says the final price was reflective of the buyer’s familiarity with the market.
“There was good interest from both national and local purchasers, however it came down to the local buyers having a better understanding of how the markets operate and, as a result, being prepared to offer more for what is an iconic property in Canberra,” Stewart says.
The markets were built in 1965 and have grown to cover 2.65ha after being redeveloped between 2008 and 2012.
The site, which lies 6km east of the Canberra CBD and is owned by a collective of current and former stallholders, now includes 629 car spaces and attracts an annual income of more than $3.3 million.
Stewart says the owners had agreed the time was right to sell one of the city’s most popular attractions.
“Fyshwick Fresh Food Markets are the centre piece of the Canberra culinary community,” he says.
“With generations changing there was a consensus to offer the property for sale, which provided a rare opportunity to secure one of Canberra’s most renowned retail assets.”