Dee Why

DEE Why’s Grand Shopping Centre in Sydney has sold to a private investor for $68 million.

The 10,000 square metre centre, with 30 specialty stores on Sydney’s northern beaches, was offloaded by grocery wholesaler John David and hotel owner the Bayfield family.

Institutions including Charter Hall, Colonial First State, the Future Fund and Lend Lease reportedly threw their hat in the ring for the centre, which sold on a yield of between 7.5 and 8 per cent, based on a fully let income.