The landmark variety market asset occupies a substantial 22,955sqm freehold landholding, zoned Special Use, within a tightly held inner light industrial precinct. The operation has approximately 100 stalls with 2,985sqm of net lettable area, and around 350 car bays.
The sale price reflects $403/sqm on land area, and 8.81%pa on the static net income.
The sale was negotiated by Michael Milne and Brett Wilkins of RWC (WA) following a national EOI / Offers Invited campaign, which generated significant interest from local, interstate and offshore buyers.
“Buyer interest was strong throughout the campaign, particularly given that variety markets are a niche asset class,” said Michael Milne, senior advisor of capital markets at RWC WA. “The asset came with a proven income stream combined with the significant land content.”
The property was ultimately secured by a Sydney-based private investment syndicate, led by Western Sydney businessman Michael Veng, after initially being placed under contract to local buyers who were unable to complete.
“We had competing buyer interest from the outset, including investor groups, occupiers and developers,” Mr Milne said. “The successful buyer is an experienced syndicate with a background in variety markets, who intend to continue and further improve the existing Wanneroo Markets operation.”
The vendors were a local private family syndicate, led by prominent Western Australian property investor and developer Martin Steens of DMG Property, who held the asset for 24 years, having acquired it in 2001.
Mr Wilkins, director of capital markets at RWC WA, said the transaction highlights the growing appetite from eastern states capital seeking yield and long-term growth in Western Australia.
“This sale demonstrates the depth of enquiry we are seeing from eastern states and overseas buyers attracted to Perth’s market fundamentals,” Mr Wilkins said.
“Astute investor and developer capital has clearly identified the Perth commercial property market as offering compelling value and a strong growth trajectory.”
Mr Milne added that variety markets remain a specialised investment category. “This is not a passive asset class,” he said. “It appeals to experienced investors with intensive management capability and a clear strategic vision for the future of the operation.”
The transaction further reinforces RWC WA position as a market leader in complex, income-producing commercial assets across Western Australia.
