The Capital’s Market
Established in 1967, the Fyshwick Markets was the first farmers’ market in Australia’s capital. Fast forward more than half a century and the Markets are now a Canberran institution. Beloved by locals for their daily needs but also a key destination for tourists, Fyshwick has morphed from its rustic beginnings to become a huge 26,580 sqm landmark. In fact, it is the largest commercial precinct in Canberra’s inner south.
Burgess Rawson Partner Billy Holderhead said that the markets present a once-in-a-lifetime opportunity.
“And l don’t say that flippantly,” said Mr Holderhead. “This is a rare chance to secure a piece of Canberra’s history while also providing an incredible opportunity to add value.”
Mr Holderhead said that the market will have wide appeal to investors.“An investment of this magnitude will attract interest from a range of buyers, both across Australia and internationally. This is a trophy, essential service asset.”The Markets comprise some 39 retailers ranging from bakeries; beer, wine and cider; delicatessens, seafood, meat and poultry; greengrocers and speciality stores.
A new wing – the Niche Markets – which was completed in late 2019, diversified the offering even further to include a thriving retail hub providing gifts, homewares, clothing, flowers and more.
“The diverse stallholders really demonstrates how well the Markets have responded to a changing demographic, as well as the growing trend of farmers’ markets,” said Mr Holderhead.
But the plans don’t end there.
“With a further 1,500 sqm* of additional land available, the new owners will have vast opportunity to make their mark on the development,” said Mr Holderhead.
In addition to the future expansion plans, Managing Director Burgess Rawson ACT Guy Randell said that the Markets’ strategic location in Canberra’s inner south will have wide appeal.
“The markets are just minutes’ drive to the airport; universities and private education facilities and only 5 kilometres from the Canberra CBD,” said Mr Randell.
“Woden Valley is also close by, approximately 10 minutes away. This region is known as Canberra’s medical precinct with Canberra Hospital and a range of allied health and private hospital facilities.”
In closer proximity, the Markets are within 1 kilometre of Canberra Station; Harvey Norman; 7-Eleven; fast food outlets; CIT university and access to the Monaro Highway.
Mr Randell added that Canberra is poised for huge growth with the population forecast to grow by 33.16% to 574,412 by 2041.
“Canberra is booming. Population growth is strong and the median house price in the inner south is up 67% in the last 12 months,” he said.
To accommodate this growth, a huge $14 billion investment has been committed to a range of major infrastructure upgrades across the state, ranging from the expansion of hospital facilities; improved light rail links and Monaro Hwy upgrade.
“The highway upgrade will directly benefit the Fyshwick Markets,” said Mr Randell. “Running through Fyshwick, this project will improve connectivity and accessibility to the Markets.
“By ticking all of these boxes, the ongoing and long-term success of the markets is assured.”
Mr Holderhead agreed, adding that, given Canberra’s strong retail trade market, this is a rare and hugely attractive investment prospect.
“After all, few businesses can lay claim to the Canberra institution tag as much as Fyshwick Fresh Food Markets can.”