Sydney, 20 January 2016 – The Fyshwick Fresh Food Markets - a Canberra institution and the capital's most successful and oldest markets - have been sold to a local private investor for circa $42 million.
CBRE’s Canberra Managing Director Andrew Stewart steered the sale campaign for the property in tandem with CBRE National Director, Retail Investments, Peter Rossi.
Mr Stewart said the sale campaign had generated significant interest, with seven bidders competing for the 2.65ha site, which is situated 6km to the east of Canberra City Centre.
“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,” Mr Stewart said.
The Fyshwick Markets were established in 1965 when farmers would gather at the site each Friday to sell fresh produce from the back of their trucks.
The construction of permanent buildings began in 1967, with many tenants having traded at the markets since its inception.
The property, which was redeveloped in its entirety between 2008 and 2012, includes 8,151sqm of improvements and 629 parking spaces, providing a net annual income of circa $3,281,880.
Included are a variety of shops selling fresh fruit, vegetables and flowers in addition to halal and organic chicken shops, delicatessens, bakeries and cafes, a cooking school, fresh seafood shops, a kebab shop and an Asian grocery store. There is also a wine and liquor shop which focuses on boutique beer and local wines as well as a number of other specialty shops, including a pet store and a kitchen, hardware and party ware shop.
The site was sold on behalf of Fyshwick Markets Pty Ltd – the company originally formed to develop the site, including many former and current owners of the retail outlets.
“Fyshwick Fresh Food Markets are the centre piece of the Canberra culinary community,” Mr Stewart said, adding that the site traded very strongly and was a popular attraction on its Thursday to Sunday retail trading days.
“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.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
