Fyshwick Markets sell for record price at auction

Canberra’s Fyshwick Markets has been sold to a local investor for an undisclosed sum said to be the highest selling price for an ACT commercial property at auction in 2021.

Burgess Rawson partner Billy Holderhead said the 2.6ha property, which last sold for $42.2 million in 2017, achieved the record result after “an exhaustive expressions of interest campaign and shortlisting process”.

“The process was [then] converted to a private boardroom auction where the property was successfully sold for an undisclosed sum to a local Canberra investor,” he said.

“The result exceeded expectations and is believed to be the highest selling price for a commercial property at auction in 2021.”

The property had been tipped to sell for around $60 million. Picture: realcommercial.com.au/sold

The iconic property had been tipped to sell for $6o million or more and the campaign had attracted 87 enquiries ahead of the EOI campaign closing in late November.

Located just 5km from the CBD, the Canberra institution has a rich history. It was first established in 1967 by Italian and Greek migrants who gathered at the site to sell their fresh produce.

The markets have 39 speciality stores and the average tenancy is 26 years.

There is a newer section of the market that now offers gifts and homewares. The new owner will also need to make a decision on the 1500sqm section of the site that has been earmarked for further development, in addition to the 542 car spaces currently on site.

The property was redeveloped in 2008 and again in 2018. With some 95% of tenants continuing to trade during lockdown, the markets have done well during the pandemic. Most traders offer essential food items and the property is open-air, making social distancing considerably easier at this property.

In recent years 500 solar panels have been added and there is also a 175,000L water tank of site.

The markets have a 97% occupancy with a current net operating income of $3,695,794 per year.