Sydney Northern Beaches shopping centre listed for sale

Stonebridge’s Carl Molony, Philip Gartland and Justin Dowers, alongside JLL’s Nick Willis and Sam Hatcher, have been exclusively appointed for the sale of Dee Why Grand, a rare dual supermarket neighbourhood centre offering within 15km of the Sydney CBD.

Amidst growing demand for retail property due to improving underlying fundamentals of the asset class, Dee Why Grand is being marketed formally for sale at a time where supply of assets publicly for sale reaches a new low.

Mr. Molony explained

“Investment market institutional and private capital remains very focused on non-discretionary tenancy mix and the strength of anchor tenant covenants. Dee Why Grand is perfectly positioned to meet these requirements. The location within Sydney and position within increasing density will ensure strong interest from the market.”

The opportunity to acquire neighbourhood shopping centres within close proximity to Sydney CBD are exceptionally rare, with only four (4) comparable dual-supermarket neighbourhood centres trading hands since 2010. The Dee Why Grand Shopping Centre presents to an exceptional standard throughout having benefitted from ISPT’s management for nearly 10 years.

Mr. Willis commented on the favourable timing of the sale, stating,

“following a strong finish to 2023 where almost 60% of total transactions occurred in the final quarter, 2024 has seen a substantial reduction in formal on-market opportunities for sale. Dee Why Grand will mark the first formal Sydney metropolitan institutional grade opportunity to come to market, of which we expect strong local and offshore interest.”

Dee Why Grand is anchored by supermarket heavyweights Coles and ALDI, whilst also being supported by 2 mini-majors and 29 specialties & kiosks across 9,976 sqm of lettable area. The property’s parent land holding of approximately 3.5 ha in this tightly held catchment on the northern beaches makes it difficult to replicate the scale of the shopping centre and protects the property from new competitive threats.

Mr. Hatcher outlined the demand from capital for core metropolitan assets,

“Sydney continues to be tightly held for core non-discretionary based offerings. The recent sales of Stockland Balgowlah and Eastgate Bondi Junction for a combined $282 million demonstrates capital demand for these core assets that are irreplaceable and have proven historically very difficult to acquire.”

Dee Why Grand has continued to evolve with the introduction of ALDI in 2020, and The Reject Shop in 2022. Following a recent $3.7 million common mall refurbishment, the Centre’s tenant profile has increasingly been weighted toward non-discretionary uses, with some 94% of the income underpinned by grocery, food, health and services.

Dee Why Grand is available for sale through an expressions of interest campaign, with offers due on 3rd May 2024.

Latest News

View All News
March 10, 2021

9 Mornington shops to go under the hammer on behalf of Mortgagee

December 10, 2021

6 Developers and Owner Occupiers Fight for Cremorne Control Leading to 34-36 Cremorne Street Selling Under the Hammer for $5.15m

October 09, 2021

50 years in the making – sale of major St Kilda site