Belmont pharmacy corner nets big sale price after auction
A landmark pharmacy on high-profile Belmont corner has sold for more than $2.8m after an auction.
The strong fundamentals behind the 195sq m property at 145 High Street encouraged buyers to bid hard for tenanted investment being offered for the first time in 35 years.
A Sydney investor secured the property for what the Advertiser understands is a sub-4 per cent yield.
Two parties contested the auction, which rose from a $2m start to $2.8m in 50 seconds.
Auctioneer Raoul Salter couldn’t entice any further bidding and passed the property in.
Darcy Jarman, Newtown agent Tim Darcy negotiated the sale immediately after the auction.
He wouldn’t disclose the higher price.
“The successful buyer was an interstate investor based out of Sydney,” he said.
“The underbidder was a local investor.
“There was quite a few there that didn’t get to bid because it went in a very manic fashion in $100,000 increments very quickly.”
Mr Darcy said the campaign generated more than 70 inquiries and the solid crowd included a number of potential buyers looking to procure it.
The pharmacy has operated since 1986, he said.
“It’s got very much a proven track record and it’s attached to a medical centre with a further pathology and radiology clinic next door to that.”
The property generates an annual rental income of $113,417, with annual CPI increases.
The sale price is higher than recent transactions on High Street, including $2.5m for the former Hungry Jacks restaurant which has become home to Daniel’s Donuts, and $2.16m for the home to Belmont’s Bendigo Bank branch.
Both properties have a larger footprint.