Perth’s Malaga Markets a fresh offering

Perth’s popular Malaga Markets have been listed for sale, offering investors the chance to nab 70 retail tenancies in one fell swoop.

The renowned local markets, 12km north of the Perth CBD, are on the market through Knight Frank and Altegra Property Group, having traded strongly there for more than 23 years.

Positioned near major arterials the Mitchell Freeway, Reid Highway and Alexander Drive, the iconic markets operate every Friday to Sunday, and draw a combined income of more than $1.1 million from an array of tenants including fruit and vegetable operators, other fresh produce vendors and eateries.

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The 18,200sqm property has 2900sqm of tenantable floor space and 375 car parks.

The Malaga Markets in Perth have 70 retail tenancies.

Knight Frank and Altegra are joint agents for the property at 7 Bonner Drive, which is being sold via offers to purchase.

Knight Frank director of commercial sales, WA, Tony Delich says the markets have a readymade and ongoing source of local clientele.

“This is an area of strong residential and commercial growth with a number of established suburbs and new growth corridors nearby,” he says.

The Malaga Markets attract annual rental revenue of more than $1.1 million.

“For investors there is significant upside for both rental growth and tenancy growth as the market continues to trade strongly into its third decade.

Altegra director of sales Anthony Morabito says the type and number of tenants means the markets don’t compete with traditional shopping centres.

“The markets has extensive external car parking for around 375 bays, plus access to adjoining bays on weekends due to reciprocal access easements across the site,” Morabito says.

“The land is zoned “Highway Service” with an additional use granted for the markets.”