Ashgrove retail and medical centre sells for $8.88m

The commercial building occupies an 800 sqm plot opposite Ashgrove Marketplace.

A new retail and medical centre in Brisbane’s upmarket Ashgrove has sold for $8.88 million to a Melbourne investment group.

The price for 9 Ashgrove Avenue reflects a rate of $14,369 per square metre of building area.

It also represents a five per cent net yield.

The asset has an 8.5 year weighted average lease expiry – measured by income.

On an 800 sqm site at the south east corner of Crawford Street, it is fully tenanted to Ashgrove Clinic healthcare operators and Bank of Queensland.

It includes 618 sqm of area – which could be repurposed as offices – and 26 basement car parks accessed by a lift (story continues below).

CBRE’s Jack Morrison and Darren Collins with Knight Frank’s Blake Goddard and Matt Barker closed an expressions of interest campaign for 9 Ashgrove Avenue on February 27.

At the north east most edge of a retail zone around Waterworks Road, the complex replaced a single-storey home which was being occupied for commercial purposes.

Ashgrove Marketplace, which is anchored by a Woolworths supermarket, is across the road. Aldi and Coles also trade in the immediate area as does Goodstart Early Learning.

The suburb is about five kilometres north west of the city.

The building is tenanted to Bank of Queensland and Ashgrove Clinic healthcare operators, returning net annual rent of $444.300.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of