Sydney, 14 June 2016 – CBRE has been exclusively appointed to sell a landmark retail development in Sydney’s beachside suburb of Dee Why – representing one of the largest retail offerings in the NSW market of 2016.
CBRE’s Retail Investments team of Peter Rossi and Nick Willis have been appointed to sell a circa 36,000sqm footprint within the retail component of Meriton’s new “Lighthouse” project.
Marking one of the largest retail projects in metropolitan Sydney, the development will accommodate an approximate net lettable area of 16,000sqm, anchored by a full line supermarket, which is under negotiation with the major national supermarket chains.
The Lightouse project is set to become the new Dee Why town centre and will include prime retail accessing an open piazza, a lifestyle restaurant precinct, a 130 place childcare centre (under negotiation), and a health and wellbeing precinct - all supported by ample basement car parking.
Focal points of the centre include the open-air piazza, which is planned to include public amenities such as an outdoor cinema, markets and dining areas.
Mr Willis said this unique retail offering would attract strong interest from both local and offshore groups looking for AAA grade retail investment opportunities within the Sydney metropolitan market.
“Located in Sydney’s Northern Beaches, this development presents a unique opportunity to pre-purchase and influence the implementation of a prominent neighbourhood shopping centre with strong supporting demographic fundamentals,” Mr Willis said.
“The Dee Why Town Centre project will deliver a level and standard of retailing that currently doesn’t exist in the trade area.”
The flagship retail development will be incorporated in Meriton’s newest project, Lighthouse - a master planned mixed use development, combining 356 apartments in four modern residential towers, as well as an open piazza and strong food based retail and dining precinct.
Mr Rossi said the opportunity would add further momentum to the ongoing transformation of Sydney’s northern suburbs.
“Located just 17km north of the Sydney CBD, in one of NSW’s most densely populated regions, this project offers an opportunity to deliver a strategic retail asset in a Sydney’s Northern Beaches corridor,” Mr Rossi said.
“Warringah Council has been master planning this precinct for over five years, and Meriton’s Lighthouse project will be the retail centrepiece of the Dee Why town centre urban regeneration project.”
The Meriton Lighthouse project is due for completion in Q4, 2018.
The property is being offered via an Offer to Purchase campaign.
For Australian/international news or global stories, follow us on Twitter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.