The Wanneroo markets in Wangara has been sold for $9.25 million to a Western Sydney private investment syndicate.
Located at 33 Prindiville Drive, the markets cover 2,985 square meters, containing near 110 stalls and approximately 350 car bays.
Led by Michael Veng, Sydney-based V&L Perth purchased the property on November 3 from Perth-based building group Westech Nominees.
The directors of Westech are Martin Steen, David Quinlivan and David Steen according to Australian Securities and Investments Commission records.
Ray White Real Estate capital markets senior advisor Michael Milne and capital markets director Brett Wilkins brokered the deal.
“The asset came with a proven income stream combined with the significant land content,” Mr Milne said.
The sale price reflects $403/square metre on land area, and 8.81 per cent on the static net income.
The buyers plan to keep the existing conditions, according to Mr Milne.
“[V&L Perth] intend to continue and further improve the existing Wanneroo Markets operation,” he said.
Mr Wilkins said the property attracted a high number of expressions of interest from local, interstate and offshore buyers.
“This sale demonstrates the depth of enquiry we are seeing from eastern states and overseas buyers attracted to Perth’s market fundamentals,” he 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 said variety markets remained 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.”
Kimsong Veng and Lychhing Veng are listed as V&L directors on the ASIC documents, while other members of the family also appear as shareholders.
