Fresh future for Belconnen markets as sale draws interstate interest

Belconnen’s fresh food markets are set to become the centre of a bustling new, mixed-use precinct with expressions of interest being called for its site and two adjoining super blocks.

The total site area is just under 30,000 square metres. That includes the 18,890 square metre market site, a vacant 4818 square metre with DA approval for 170 units and a gravel carpark site of 6077 square metres.

The latter can be the subject of a subsequent DA application after development of the smaller site is completed. The carpark site could also support the development of another 170 residential units with ground floor commercial tenancies.

A further option exists between the vacant block and the carpark site: a strip of government-owned land is effectively landlocked by those two blocks and an approach to the ACT government might realise its sale.

Laing + Simmons managing director Alex Smith says if that occurred it would complete a precinct masterplan created by Colin Stewart Architects.

“This is an opportunity to turn the market precinct into a lively mix of fresh food markets, apartment living and local businesses,” he says.

“In my view, this is a minimum 10 years of development activity. It’s a significant precinct.”

Smith says the opportunity has already drawn substantial interest, not only from Canberra developers, but from Sydney investment funds and similar.

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“This opportunity is grabbing their attention because it comes with strong net income (from annual market rents) of just under $3 million,” he says.

“That’s some $30 million of income over a 10-year development cycle.”

The masterplan created by Colin Stewart Architects brands the precinct as the “Loop” and calls it “Canberra’s first sustainable community in the heart of Belconnen”.

It envisages a vibrant community anchored by the fresh food markets amid restaurants, cafes, shops, office spaces and residences.

The sale marks the end of an era for Canberra hospitality veterans, the Efkarpidis family, who have owned and operated the markets since the early 1990s.

Maria Efkarpidis says her family has “loved supporting the local community through the markets”.

“We hope the new owners will continue to do the same,” she says.

“Now is the time for someone else to enjoy and build on the markets we are so passionate about.”

Smith says the new precinct will be best served by a buyer with the right level of expertise.

“The purchaser should ideally be someone with retail management skills and development skills,” he says.

Expression of interest closes at 4pm, on Thursday, August 3. Agent: Alex Smith, Laing+Simmons Commercial 0409 007 649.