Sandalwood Shopping Village generated keen interest from buyers — successfully selling under the hammer for $2.505 million.
The 773sqm Strathpine property received 186 enquiries prior to auction, with 26 registered bidders on the day.
There were 53 bids placed at auction, with the winning bid going to a local investor.
The property is a prominent retail centre which comprises a complimentary mix of nine national and local operators.
The asset had a WALE of 2.99 years and was underpinned by a strong tenant retention history and a five year lease to anchor tenant Friendly Grocer.
Ray White Commercial QLD agent Michael Feltoe said the sale reflected a strong fully leased yield of 5.80 per cent.
“The property provided significant rental reversion upside and it appealed to a broad range of local and interstate investors,” Mr Feltoe said.
Ray White Commercial QLD agent Lachlan O’Keeffe said he commonly heard how national portfolio auctions could benefit properties through recycling under-bidders.
“These portfolio auctions publicly report an average of 5-6 registered bidders per property at these portfolio events,” Mr O’Keefe said.
“This auction was a clear indicator of how a focused approach on one asset can generate 26 registered bidders.
“Which in this instance resulted in a sale price of $705,000 above what the seller had previously accepted.”
Retail Investment Sales -Ray White Commercial QLD
0447 714 899
Retail Investment Sales – Ray White Commercial QLD
0413 464 137
Media advisor – Ray White Group
0447 000 472