AU: Govt.selling WA fresh wholesale market to pay debt
Market City in Canning Vale, one of Perth’s biggest industrial sites, has been listed for sale with JLL and lead financial adviser EY.
The sale of WA’s only fresh produce wholesale market, which occupies nearly 60ha of prime land, has already attracted interest from a Chinese buyer and the Chamber of Fruit and Vegetable Industries WA.
The State Government is selling the markets, along with other State-owned assets, to pay down debt.
As well as remaining WA’s major distribution point for domestic fruit and vegetables, the Government hopes the sale will attract private sector investment and be a shopfront for WA produce. The new owner would be required to develop 24,000sqm of warehouse space to accommodate the expansion of the industry over the next 20 years.
JLL selling agent Ben Widdowson said Market City was a unique asset.
“It’s not a straight-forward investment opportunity, it’s a real roll-your-sleeves-up and get involved in the running of the market,” Mr Widdowson said. “There is an obligation for a new owner to maintain operation of the markets for at least 20 years and also facilitate growth in the markets.”
Market City will be offered for sale via a two-stage process. An expressions of interest process, closing on August 12, will be followed by a detailed proposals process.
Source: yahoo.com
