THE iconic Malaga Markets is for sale, with a price guide of $11.99 million.
Opened in 1994, it is known for its fruit and veg stalls and international food hall with about 1.5 million people visiting the markets each year.
Selling agent Ray White Commercial (WA) property advisor Brett Wilkins said it was arguably the best performing variety markets in Perth and the spread of tenancies, long history of permanency and underlying land value made it a great investment.
“Malaga Markets is a purpose-built variety market with 65 tenancies, a strong trading history, and is on a prime site with exciting opportunities to add value,” he said.
“The central core of the markets is the food court and fresh food tenancies backed by the bar and daily entertainment and it offers potential buyers the opportunity to strengthen the food and entertainment further.”
The Markets is on an 18,208sq m site with wide frontages to Bonner Drive and Beach Road with cross easement from adjoining sites.
It includes about 2900sq m of building area, a 2256sq m net leasable area and external parking for 375 cars.
Mr Wilkins said it would appeal to a syndicate or private investor wanting an asset they could sit back passively and collect rent from, or take an active role and extend trading hours and add value.
“The gross income structure means any improvements in operational efficiency would have immediate financial benefits to the owner,” he said.