An Ascot retail asset sells under the hammer having sparking a bidding was for the corner property with potential

A retail gem across the road from the Eagle Farm racecourse and on one of Brisbane’s renown High Streets sparked a bidding war before selling under the hammer.

Andrew Havig and Campbell Bowers at 153A-161 Racecourse Rd, Ascot, which they sold for $4.15 million.

A CORNER retail property on one of Brisbane’s major northside high streets has sold under the hammer well above reserve.

The property at 153A-161 Racecourse Rd, Ascot, was snapped up by an investor for $4.15 million after being marketed by JLL’s Andrew Havig, Campbell Bowers and Elliott O’Shea on behalf of the vendor Maria Giufre.

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Mr Havig said the campaign generated 85 inquiries and 12 registered bidders.

“This public auction campaign attracted immense interest from both local and interstate investors and developers, with a crowd in excess of 70 people in attendance and a number of bidders still eager to acquire an asset within this precinct,” he said.

“In a highly competitive auction, the successful buyer, a private local investor, could not overlook the prominent corner positioning of the site along one of Brisbane’s major high streets — rendering the property one of the best trophy assets in Ascot.”

On a 1215sq n site opposite the entry to Eagle Farm Racecourse and the property has 558sq m of net lettable are across two buildings.

It is 45 per cent occupied and with Ascot Family Practice and Meltz Pizza the tenants and has 20 plus car park. It’s zoned District Centre and a new development could go as high as five levels.

The sale represents a price on net lettable area of $7437/sq m and $3146/sq m on land area and the deal realised a passing yield of 1.3 per cent.

Mr Bowers said the super tight yield reflected the current vacancy and the quality and potential of the property and the area.

He said it was a long term development opportunity.

“I expect the new owner to refit and reposition the property with new tenants and then in the long term look at development opportunities,” he said.