A consortium of private owners have listed Perth’s popular Malaga Markets for sale.
The high-profile markets, established in 1994 and located in the Malaga industrial precinct, are being sold via an offers-to-purchase campaign through joint selling agents, Altegra and Knight Frank.
Knight Frank commercial sales WA director Tony Delich said Malaga Markets was a modern, purpose-built variety market with a strong trading history, a prime location and a rapidly expanding catchment base.
“This is an area of strong residential and commercial growth with a number of established suburbs and new growth corridors nearby,” Mr Delich said.
“For investors, there is significant upside for both rental growth and tenancy growth as the market continues to trade strongly into its third decade.”
He said this was the second time the markets had been offered for sale, after the current owners purchased the “iconic property” in 2004.
Malaga Markets trade from Friday to Sunday every weekend, with 70 tenancies returning approximately $1.1 million in net rent a year.
Located 12 kilometres north of Perth’s CBD, Mr Delich said the property had wide frontages to Beach Road and Bonner Drive and was readily accessible from major arterial routes including Alexander Drive, the Mitchell Freeway and Reid Highway.
Altegra sales director Anthony Morabito said the total site area of the property was 18,208 square metres.
He said the markets offered buyers an opportunity to secure a rare retail property which, due to a diverse tenancy mix, did not compete with traditional shopping centres.
“The markets has extensive external car parking for around 375 bays, plus access to adjoining bays on weekends due to reciprocal access easements across the site,” Mr Morabito said.
“The land is zoned ‘highway service’ with an additional use granted for the markets.”
Malaga Markets features an array of shops, from clothing stores to giftware, a butcher, fresh fruit and veg, a hair salon and a food hall.
Offers to purchase the 7 Bonner Drive, Malaga, property close on November 16.