A private investor acquired the property, reflecting the robust demand for prime retail assets
News release
22 August 2024
Dee Why Grand Shopping Centre sold for $60 million
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
JLL, alongside Stonebridge, proudly announces the successful sale of Dee Why Grand Shopping Centre in Sydney’s Northern Beaches for $60 million. A private investor acquired the property, reflecting the robust demand for prime retail assets in key Sydney metropolitan areas.
Dee Why Grand is a standout dual-supermarket neighbourhood centre, anchored by major tenants Coles and ALDI, along with a mix of specialty retailers. The centre offers 9976 sqm of Gross Lettable Area (GLA), catering to a broad and affluent local community in the Northern Beaches.
JLL’s Senior Director of Retail Investments Nick Willis stated, "Properties like Dee Why Grand rarely come to market in core metropolitan Sydney. This marks the fifth dual-supermarket neighbourhood sale within 15 km of Sydney since 2010. The centre attracted strong interest from local and global investors, ultimately being acquired by a private high net worth investor. On-market shopping centre volumes are down in 2024; however, improving fundamentals are driving renewed investor appetite and increased competition. In our last four campaigns, we’ve seen an average of nearly seven bids per asset, ranging from $60 million to over $200 million."
Sam Hatcher, Head of Retail Investments at JLL, added, "The core convenience sector remains highly attractive to all investor types, especially for assets in tightly held Sydney markets. Given the current state of the development and construction industry, developments like Dee Why Grand is irreplaceable, adding pressure to supply and driving an improving retail market as supply and demand dynamics shift."
Carl Molony, National Partner at Stonebridge Property Group said “Dee Why Grand is underpinned by a non-discretionary tenancy mix, weighted 94% to convenience services and health uses. This robust tenancy mix attracted strong interest from a wide array of investors.”
This transaction highlights the ongoing demand for high-quality, strategically positioned retail assets within Sydney's competitive market. Dee Why Grand’s strong performance and diverse tenant base will continue to support its community and strengthen the portfolio of its new owner.”
Dee Why Grand continues to be a vital part of the community, providing essential services and retail options to over 139,400 residents in the region.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.