Thursday, May 30, 2024

Sydney shopping centre listed for sale

Dee Why Grand, a rare dual supermarket neighbourhood centre offering within 15km of the Sydney CBD, is being divested by ISPT.

The Northern beaches shopping centre is anchored by supermarket heavyweights Coles and ALDI, whilst also being supported by two mini-majors and 29 specialties and kiosks across 9,976 sqm of lettable area.

Commercial real estate and investment management company JLL has been appointed to for the sale of Dee Why Grand. JLL’s Nick Willis and Sam Hatcher expect strong local and offshore interest in the property.

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

Outlining the demand from capital for core metropolitan assets, Mr Hatcher said: “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 3 May 2024.

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