A suburban Brisbane commercial asset has been sold for $1.1 million after post-auction negotiations. 

The site houses the Ferny Grove Discount Drug store at 1/300 Samford Road is a multi-income investment, with APN Outdoor Group operating digital signage on the common land.

The property had more than 50 enquiries before it was finally settled and sold on a 7.32 per cent yield, according to Ray White Industrial Milton Associate Director – Investment Sales Matt Maranta. 

Mr Maranta, who marketed and sold the property, said interest came from local and interstate investors. 
 
“The chemist has been in operation itself for more than 20 years on the site and benefits from high traffic volumes and on-site parking,” he said.
 
“The net income produces $80,586.58 per annum and the property is in a well laid-out retail centre that has had recent refurbishment to its façade.”

The property was also marketed and sold by Ray White Industrial Milton Sales and Leasing Executive Victor Du Bois. 

He said the area’s future infrastructure developments meant the property provided value. 

“Samford Road is the main thoroughfare for a large residential catchment spanning from Keperra to Ferny Hills,” he said.
 
“A new $750M transit orientated development is set for a large increase in daily traffic on Samford Road westbound to the Ferny Grove train station, only 100m* from the site.
 
“The centre is made up in large part by tenants focused on health care with this pharmacy tenant, a medical practice, physiotherapy studio and QML pathologist on-site.
 
“The pharmacy tenant is also supported by patients from the Smartclinics Family Medical Centre next door.”

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