Some 23 investors seek out Woolloongabba retail and commercial centre which sells for $3.85 million

A convenience-based retail and commercial centre in the inner Brisbane suburb of Woolloongabba has been sold at auction for $3.85 million.

The property at 80-84 Ipswich Road, Woolloongabba, was sold by Ray White Commercial’s Mark Dann and John Dwyer under instructions from receiver and managers, Raj Khati and Morgan Lane of Worrells.

The buyer was a local investment group and the yield on the sale was 6.6%, on a passing net income.

The centre's net annual income is about $256,000 per year.

The convenience centre, anchored by Pizza Hut, NightOwl and Subway, attracted 23 registered bidders following 157 enquiries on the property from interstate as well as locally.