IGA Marketplace Ascot has sold under the hammer $12.1 million. 

Marketed by Ray White Commercial QLD agents Michael Feltoe and Lachlan O’Keeffe, the property transacted on a yield of 4.88 per cent.

"Since the rate rises began, this is the lowest yield achieved for a supermarket anchored transaction in Queensland," Mr Feltoe said. 

Prior to May 2022 the lowest yield for a Queensland supermarket was also set by Mr O'Keefe and Mr Feltoe, when they sold the IGA Tugun for 3.94 per cent in August 2021, when the cash rate was at 0.10 per cent.

A total of 314 enquiries were fielded from local, interstate and off-shore, resulting in nine registered bidders and over 270 onlookers both in the auction room and watching online. 

"We believe the leading contributors for this asset being the most viewed in Australia, is the defensive nature of supermarkets, the strong 20-year net lease being at its longest and the reach through the broader Ray White network," Mr O'Keefe said. 

Despite the increased cost of debt and impacts the cash rate has had on borrowing capacity, this is a prime example of how much demand there is from private investors seeking safe, well located, defensive assets for annuity style returns.

To request a sales analysis please contact one of the marketing agents Ray White Commercial QLD’s Michael Feltoe and Lachlan O’Keeffe via the contact details below. 

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