This article is from the Australian Property Journal archive
A $260 million mixed use development backed by Olympian Iain Murray, businessman John David and The Bayfield family is going ahead despite patchy conditions in the financial markets.
To be known as Dee Why Grand, the retail, residential and commercial project is taking shape on a massive 10,500 sqm site in the heart of Dee Why’s shopping precinct. Bordered by Pittwater Road, Pacific Parade and Sturdee Parade, Dee Why Grand is the first fully-integrated development on the Northern Beaches. It is, virtually, a ‘mini city’ of its own.
It incorporates six buildings ranging in height from three to seven levels, 161 apartments with 3,000 sqm of landscaped open area for the exclusive use of residents, 6,500 sqm of commercial space comprising 107 strata offices, a retail plaza with three major tenants and 34 specialty stores, a total rebuild of the iconic Dee Why Hotel, and 781 car spaces.
The retail plaza will have 10,000 sqm of space and will be anchored by Coles, Harris Farm Markets and a liquor superstore. It will also have a mix of specialty shops, restaurants and cafes.
Dee Why Grand has been designed by Marchese & Partners International, and is being built by Southern Cross Constructions.
When not competing in sailing events, Murray is the head of Murlan, a progressive property development company that has created Waterbrook Greenwich, Waterbrook Yowie Bay, the Great Barrier Reef Yacht Club and the Schofields Retirement Resort. The well-known Northern Beaches Bayfield family owns the Dee Why Hotel, which is being completely rebuilt as part of the development, the Newport Arms, the President Hotel at Belrose and The Carringbah Hotel.
Murray said together the partners saw the potential to consolidated a mishmash of seven shops and houses into one modern, coordinated development.
“We have already done a great deal of excavation work on site but it’s all been hidden from the public by hoardings.
“The tedious part of the project is now complete and we’re starting on pilings for the underground car parking levels. We expect the first buildings to start ‘coming out of the ground’ by December, and we will be aiming to deliver the entire project at the one time by early 2010,” he added.
Mark Bayfield said he is confident the concept of integrated living, working, shopping and relaxing will be embraced on the Northern Beaches.
“The metamorphosis happened at St Leonards with ‘The Forum’, at Maroubra Junction with ‘Pacific Square’ and at Leichhardt with ‘The Italian Forum’. Once you give a suburb a quality focal point other developments cluster around,” he added.
Retail leasing is being handled exclusively by Raine and Horne Commercial Retail Services head of retail leasing Robin Brenchley who said there is currently a lack of good quality retail space for tenants to occupy and no retail hub to attract the large number of residents in Dee Why to shop locally.
Apartments will be marketed jointly by CB Richard Ellis Residential and the local agency Doyle Spillane.
CBRE Residential director David Milton believes a significant proportion of the buyers will be young professionals.
Doyle Spillane’s Special Projects Director, Louis van Gelder said research shows that one-third of Dee Why dwellings are rented, so tenants will be pleased to have a greater choice when the new stock is completed.
“Over the past year average rents in Dee Why rose by 8-10%, and the strong demand will ensure rents keep rising for the next 12 to 18 months, at least. A number of tenants are locking in for two-year lease terms to ensure their own security and stability.
“Investors are now well and truly back in the market for well-located and well-built beachside units, with returns starting to stack up,” she concluded.
Australian Property Journal
