Fyshwick Markets changes hands for more than $60m

Published on: 16/12/2021

Canberra’s iconic Fyshwick Fresh Food Markets have sold to a local investor following an “exhaustive” sale campaign.

After attracting strong interest and several bids, the commercial property went to auction where it is believed to have well exceeded its price guide of $60 million.

Billy Holderhead, partner at Burgess Rawson which led the campaign, would not confirm the exact sale price but said it was likely a record auction result.

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

He said after “an exhaustive EOI campaign and shortlisting process”, there were four or five significant bids on the table.

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

The Fyshwick Markets was listed for sale in early October, after six years under the ownership of market veterans, the Irvine family.

Jack Irvine and his wife Barbara, together with Jack’s brother Alan Irvine, purchased Fyshwick Markets in 2016 for a reported $42 million.

Speaking to The Canberra Times on Wednesday, Jack simply said, “We’re happy with the way it turned out.”

Jack and Barbara have owned and operated Wiffens green grocer in the precinct since 2007.

In October, Jack confirmed he and his son Dave will continue to run Wiffens following the sale of the markets.

“We’ve got our business here and it’s running very well, it’s a good strong trading environment,” he told The Canberra Times.

Jack said the decision to sell the property was simply an economic one.

“The market’s very strong and I think now’s the time to sell,” he said.

“It’s been a good ride, we enjoy having the markets but it’s not a critical thing that we own it.”

The Fyshwick Markets were established in 1967 and underwent a major redevelopment in 2013.

Currently trading four days a week, the markets are home to almost 40 retailers, including smaller stalls in the Niche Markets wing that was completed in 2019.

Brittney Levinson, Canberra Times


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