The Dee Why Grand: Shopping mall for sale for about $65m

Have you got a spare $65 million lying round? Then you’re a chance of putting in a bid for a popular northern beaches’ shopping mall now up for sale.

The Dee Why Grand shopping centre at Dee Why, owned by Australian property manager ISPT (Industry Superannuation Property Trust) has been put up for sale. The two-level mal, is valued at about $60-$65 million. Picture: ISPT

A shopping mall, popular with northern beaches’ locals, is up for sale.

Owners of the Dee Why Grand, in the seaside suburb’s town centre, are calling for expressions of interest in Australia and overseas for the two-level centre.

Valued at between $60- to $65 million, the centre, which boasts Coles and Aldi supermarkets as well as 24 speciality stores and five kiosks, is owned by the Industry Superannuation Property Trust (ISPT).

The sale of the mall comes just weeks after it was announced that the Stockland Mall at Balgowlah was sold for $155m to Revelop, a western Sydney-based property management and development company.

About 175,000 vehicles pass the Dee Why Grand shopping centre each day. Picture: ISPT

And back in March 2021, Revelop were also the successful buyers of the ageing Forestway shopping centre at Frenchs Forest, which it picked up for $100m.

It is now spending about $31m to modernise and expand the 60-year-old centre.

The sale of 9976 square metre Dee Why Grand, built in 2010 on the site of the old Dee Why Hotel, is being handled by two commecial property agencies, JLL and Stonebridge.

The Dee Why Grand shopping centre at Dee Why, owned by Australian property manager ISPT ( Industry Superannuation Property Trust) is for sale. Picture: ISPT

In its sales blurb, JLL said the centre made an attractive investment because it had a triple street frontage — Pittwater Rd, Pacific Pde and Sturdee Pde — and shared the site with the new Dee Why pub as well as a 10-storey office block.

Other tenants in the centre include The Reject Shop, OPSM and a Priceline pharmacy. It has 410 underground parking spaces

JLL said about 175,000 vehicles pass the centre each day and there were more than 139,000 people, with an average per capita income 19 per cent above the Greater Sydney average, living in the area.

There are about 139,000 potential customers in the Dee Why Grand’s catchment area. Picture: ISPT

The new owners could attract a net lease income, if all the tenancies are full, of an estimated $4.4m a year.

JLL‘s Nick Willis said the mall was being offered at a time where supply of shopping centres publicly for sale was at a “new low”.

“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.”