Do you have $42 million in change, floating about your bank accounts? If you did you could have been the lucky purchaser of one of Canberra's most iconic tourist locations.
The Irvine family has been the successful bidder on the sale of the Fyshwick Fresh food markets, the location has been on sale since late 2015. This is the first time the markets have been available for purchase in 27 years with a reported net annual income of roughly $3.3 million. The markets are being sold by Fyshwick Markets Pty Ltd, which is the company formed to develop the site; and includes former and current owners of the outlets at the site. They had appointed CBRE Canberra as the agent to assist in the promotion and sale of the site.
Canberra's oldest markets began as the city's first farmers' markets in 1965. Construction of permanent buildings began in 1967 and many of the markets' tenants have traded there ever since, they continue to be a popular destination for Canberrans from Thursday to Sunday, when they come for fresh fruit and vegetables, fish markets, butchers, cafes, liquor shops, and the cooking school. The 2.65 hectare site underwent a major redevelopment between 2008 and 2012. With over 629 parking spaces, as well as about 1740 square meters of vacant land for additional development.
CBRE's national director of retail investments, Peter Rossi, described the property as "high profile", and expected considerable interest from buyers which came through in the final sale price.
The Irvine family who owns the Wiffens fruit and vegetable store, are a long time resident of the Markets having established their location more than 30 years ago. The have successfully bid for the entire market space. Mr Irvine, who bought the markets with his brother Alan, said he had no plans to make big changes, and the market worked well with its current opening hours.
In other record sales, Melbourne has reached a record sale price for 206 Bourke Street selling for a cool $116,380,000.