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Owners George and Jill Simons had purchased the three-storey heritage-listed building with retail space, office and two-bedroom apartment above on the prominent Belmore Road-Alison Road intersection for $460,000 in 1986.
Their pharmacy became a local institution and when the couple retired a few years ago, Shaney Hannah Ung took over the business.
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Market conditions and the data are signalling a “very strong start” to the traditional Autumn selling season in the real estate calendar, according to John Healy from realestate.com.au.
She was among the two registered parties at Damien Cooley’s city auction rooms on Wednesday when the freehold site went under the hammer via agents Paul Grasso and Steffan Ippolito from IB Property.
Bidding had opened at $1.7m and risen in $50k increments before passing in.
Mystery had surrounded the identity of the other party — the successful purchaser — since the auction, with the agents tight-lipped.
But other sources revealed him to be Jeff Hurwitz, who owns several commercial sites in the area.
It’s understood the investor intends to hold the site, which has a 4 per cent yield, as a long-term hold.
It’s fully leased. The first floor operates as a yoga studio and the apartment is on the second floor.
Grasso said in an Instagram post announcing the sale: “Throughout the campaign we generated over 250 inquiries, 18 contract request and had a total of 29 groups inspect.”
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