The bustling Belconnen Fresh Food Markets is for sale with potential to be expanded into a lively mixed-use precinct.

The full package includes two vacant blocks next door, one with development approval for 170 units.

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

Laing+Simmons managing director Alex Smith said the sale offered an experienced buyer a chance to transform an already popular hub.

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

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

The sale leaves the markets’ traders bracing for the impact of a future expansion.

The Chicken Coop manager Cheto Lo, whose family has been involved in the market since the early 1990s, said the apartments could bring both benefits and challenges to the traders.

He said he was worried there would be limited parking during the building of the apartments.

One of the vacant sites is an existing gravel car park.

“Short term, construction is going to impact heavily on traffic coming in and out of the market,” he said.

“We’ve seen a similar sort of situation where we lost a lot of business during that time, so that’s one of our main concerns.”

One of the two sites earmarked for development is on the corner of Belconnen Way and Benjamin Way, while the other is directly south of the market between Belconnen Way and Ibbott Lane.

A development application for units on the latter was lodged in November and has since been approved.

A “loop precinct masterplan” has already been developed for the parcel of land, outlining proposed buildings, some with rooftop gardens, and green space.

Interest in the marketplace is already brimming. Mr Smith said two-thirds of prospective buyers were from Sydney and the rest from Canberra.

“The buyer will obviously be someone with a lot of retail management skills, but also development skills,” he said.

In the meantime, the Efkarpidis clan is preparing to farewell the market after 25 years as they prepare to focus on other ventures.

Maria Efkarpidis said her family had “loved supporting the local community through the markets”.

“[We] hope the new owners will continue to do the same,” she said.

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

The three sites that make up the precinct are being sold via an expressions of interest campaign closing on Thursday, August 3 at 4pm.