An area adjacent to the Fyshwick Markets sold under competitive conditions following the expression of interest process.
149-151 Canberra Avenue, Fyshwick, was sold for $20.2 million to a local investor after more than 15 applications were received.
The area, known at the Canberra Avenue Portfolio, was available as four separate blocks or a larger parcel of almost five acres.
It was a unique proposition, and "one of the few packages offered as a collective" this year, according to selling agent Daniel McGrath of Ray White Commercial.
A development application is currently under assessment for the construction of two new single-level commercial buildings, which could be used as shops.
But Mr McGrath said the buyer intended to use the site passively and a redevelopment was not likely to happen immediately.
It was far from off the cards though.
"The interest from the local community is due to people understanding the ACT planning system and potential uplift on sites such as this.
"There was a lot of local interest and some interstate interest," Mr McGrath said.
The land, which is bound by Canberra Avenue, Dalby Street and Nyrang Street, is in one of Canberra's busiest industrial areas and near the gateway to Sydney.
A 7Eleven and KFC are the main businesses on the site, which is set to generate a total net income of $1.06 million.
