A bidding frenzy has seen a beloved Ashgrove retail centre sold under the hammer for a sharp 5.25 per cent yield.

RWC Retail’s Michael Feltoe and Lachlan O’Keeffe managed the sale of the multi-tenanted centre - which sold for $3.658 million at a packed auction room in Brisbane.

The winning bid went to a local private investor who was making their first commercial property investment. 

Located at 20 Stewart Street, the 323sqm centre provided a unique tenant history, with three of the centre’s tenants having occupied the property since 2005, and the fourth leasing since 2014.

"The 21-minute auction was highly competitive with eight of the 11 bidders actively participating, leading to 90 bids placed and four bidders battling to the very end," Mr Feltoe said.

"The primary drawcard of this centre was its proven tenant occupancy history and long net leases, with CPI increases providing a hedge against inflation.”

Mr O’Keeffe said modern retail centres with long leases were more popular investments than ever which is reflected by the 337 enquiries the property received throughout the campaign.

“There are still so many private investors who are willing to purchase high quality multi-tenanted retail investments at yields well below the cost of debt," he said.

"And, as evidenced by the spirited auction, RWC Retail has the consistent ability to attract more buyers, create more competition and deliver industry leading results for our client's properties."

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