Perth’s iconic Malaga Markets hits the market

MALAGA Markets, a Perth institution since 1994 with its fruit and veg stalls and international food hall, has hit the market with a price guide of $11,990,000 at 7 Bonner Drive in Malaga.

The asset, that comes with 2,900sq m* of building area and a 2,256sq m* net leasable area, also provides external car parking of around 375 bays.

On Beach Road and just off of Alexander Road, the property offers exciting opportunities to add to or refine the markets.

The asset is being marketed and sold by Ray White Commercial (WA) Property Advisor Brett Wilkins.

Mr Wilkins said Malaga Markets was arguably the best performing variety markets in Perth, with over 1.5 million visitors annually.

“The spread of tenancies, long history of permanency and underlying land value makes the Malaga Markets a great investment,” Mr Wilkins said

“The gross income structure means that any improvements in operational efficiency will have immediate financial benefits to the owner.

“Malaga Markets is a purpose-built variety market with 65 tenancies, a strong trading history since 1994, and is on a prime site with exciting opportunities to add value.

“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.

“It’s an exceptional asset that houses tenants who have occupied their tenancies for 15 years or more with an average of 7.1 years.

“It’ll appeal to a syndicate or private investor wanting an asset they can sit back passively and collect rent from, or take an active role and extend trading hours and add value.

“Malaga is an inner northern suburb of Perth centered on showrooms and commercial strips, backed by a very successful industrial estate, so it’s an excellent place to invest.

“The total site area is 18,208sq m* with wide frontages to Bonner Drive and Beach Road, together with cross easement access from adjoining sites.”

*Approximately.