Spirited bidding has seen the Mornington Peninsula’s premier pharmacy investment sell under the hammer in a strong retail property auction result.

Fitzroys’ Tom Fisher and David Bourke sold 1045 Point Nepean Road for $2.14 million, on a tight yield of 4.6%.

“Our campaign generated more than 100 enquiries, which culminated in a fiercely contested auction with four parties bidding,” Fisher said.

The single-level 235sqm building has an 8.1m street frontage to Point Nepean Road, and has a 5+5-year lease to an established tenant trading as Amcal. The property has been operating successfully as a pharmacy for over 65 years.

“The property is in the heart of the thriving Rosebud and shopping precinct,” Fisher said.

“This is another strong result we’ve seen for a retail property in a prime shopping strip location.”

The thriving coastal strip is anchored by Woolworths, Westpac, Bendigo Bank, Peninsula Cinemas, and the Rosebud Hotel, and features a number of popular local traders.

“We continue to receive high levels of enquiry from a deep pool of investors who see opportunity in the current market,” Bourke said.