ISPT offloads Northern Beaches mall
ISPT has sold a Northern Beaches shopping centre for about $60 million – the price it paid nearly 10 years ago.
The strata titled Dee Why Grand found favour with local investment house Wingdom Group on a 7.3 per cent fully let market yield.
Containing 9976 square metres, it is dual anchored – to Aldi and Coles – with two mini-majors, 24 specialty stores and five kiosks.
ISPT recently completed a $3.7m refurbishment of the common area.
The title also includes 421 car parks – a high 4.1 bays per 100 sqm of lettable area.
Stonebridge’s Carl Molony, Phillip Gartland and Justin Dowers with JLL’s Nick Willis and Sam Hatcher were the agents.
Another strata retail mall sale
Wingdom holds five other major Sydney retail investments including Bridgepoint, in its home suburb of Mosman, the Kings Cross Centre in Potts Point, Matraville’s Peninsula Village and Menai Central Plaza.
In early 2021 we reported it bought Parramatta’s Entrada outlaying $41.435m (story continues below).
Again, that was a strata titled mall and once more, the purchase price was what the vendor (Cook Property) paid, but in 2017.
Dee Why Grand, facing Pittwater Road and Pacific and Sturdee parades, was developed in 2010 – part of a mixed-use village replacing the Dee Why Hotel also with a new pub and a 10 level office.
Some 175,000 vehicles pass the asset daily, according to the agents.
The catchment’s income, they added, was 19pc over the Greater Sydney average.
Also today, we are reporting Revelop is purchasing Hurstville’s strata titled East Quarter Village.
In March, the group bought a strata titled shopping centre at Balgowlah, from Stockland.
Subscribe to our newsletter at the bottom of this page.
