Good medicine with pharmacy

26 Apr Good medicine with pharmacy

A LANDMARK pharmacy on a 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 Addy 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 could not entice further bidding and passed the property in.

Darcy Jarman agent Tim Darcy negotiated the sale immediately after. He would not disclose the higher price.

Mr Darcy said the campaign generated more than 70 inquiries and the crowd included a number of buyers looking to procure it.

“There was quite a few there that didn’t get to bid because it went in a very manic fashion in $100,000 increments,” he said.

The pharmacy had operated since 1986, he said.

“It’s got 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 income of $113,417.

The sale price is higher than recent High Street transactions, including $2.5m for the former Hungry Jack’s site, 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.