JLL, alongside Stonebridge, have completed 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 9,976m2 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 said, “Properties like Dee Why Grand rarely come to market in core metropolitan Sydney. This marks the fifth dual-supermarket neighbourhood sale within 15km 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,” said Willis.
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 more than 139,400 residents in the region.
