The high-profile North Beach Shopping Centre was successfully sold by Porter Commercial in late 2022. Situated directly on the ocean at North Beach, the 11,854 square metre landholding comprises a two level shopping centre accommodating Farmer Jacks Supermarket, Peak Body Health and Fitness, Thirsty Camel Liquor Store, North Beach Pharmacy and Newsagents, Toms Italian Restaurant plus 10 other retail tenancies.
The transaction settled in September 2022 at $40 million. The Buyer recognised the value of the underlying land being a substantial coastal landholding with further development potential, and the added benefit of a strong cashflow. The iconic beach front centre was managed by Porter Commercial for over 19 years and was sold fully tenanted with a net passing income of approximately $1,525,000 p.a.
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