Late last month, Dee Why Grand shopping centre was sold for $60 million after fierce competition from local and international investors to secure the deal.
JLL, a property consultancy company, and Stonebridge, a commercial real estate agency, sold the neighbourhood centre to a private investor.
Real Commercial reported that Wingdom, a private company who specialises in retail and commercial assets, purchased the centre, however JLL declined to comment on any details of the buyer and, at the time of publishing, Wingdom had not responded to our request to comment.
According to JLL, Dee Why Grand was so highly sought over because of its dual-supermarket (Coles and ALDI), a mix of speciality retailers and the centre offers 9,976 sqm of retail space and serves “a broad and affluent local community”.
“Properties like Dee Why Grand rarely come to market in core metropolitan Sydney,” JLL’s Senior Director of Retail Investments, Nick Willis, said.
“Given the current state of the development and construction industry, developments like Dee Why Grand are irreplaceable, adding pressure to supply and driving an improving retail market as supply and demand dynamics shift,” Sam Hatcher, Head of Retail Investments at JLL, added.
Dee Why Grand has a variety of tenants which, according to Carl Molony, National Partner at Stonebridge, heavily weighed into the competition to secure the centre.
Besides the supermarket giants, the centre also has speciality stores like Bakers Delight and Craig Cook The Natural Butcher, and then there is Dee Why Family Medical Centre, Priceline Pharmacy and OPSM, Good Guys Barber and Silk Brow Bar for self-care. Plus, for parents with little kids, the play centre is a good place for littlies to burn off a bit of steam while Mum and Dad enjoy a coffee or snack from the nearby food and drink outlets.
The real estate advertisement for Dee Why Grand estimated the fully leased net income at $4.4 million per annum as of 2024.
We will let you know what plans, if any, the new buyers have in store when they return our calls…
