Dee Why site with build-to-let development opportunity put up for sale

0
  • The site covers 1,211 m²
  • Under current floor space and height limit regulations, it could accommodate 3,875 m² of gross floor space
  • It joins the Demar development, which will house 71 apartments when completed

Avis Car Rentals’ long-standing home in Dee Why has come up for sale, offering a significant residential mixed-use or build-to-let opportunity along Sydney’s northern beaches.

Avis has occupied the 2,111m² site at 816 Pittwater Road, 18 kilometers northeast of the CBD, for three decades. According to the regulations in force, the site can accommodate 3,875 m² of gross floor area, thus allowing for significant new development.

The site joins the Demar development, where 71 apartments are under construction.

CBRE’s Toby Silk, Aaon Arias and Nicholas Heaton have been appointed to lead the sales campaign. Expressions of interest are open until October 5, 2022.

“The demand for lifestyle places like Dee Why is extremely strong. The suburb offers an urban cosmopolitan with a seaside living environment offering a walk to anywhere with connectivity to Sydney CBD and Mona Vale via B-Line express bus services as well as services that connect connect to Manly, North Sydney and Chatswood,” Mr Silk said.

“The government has just increased the permanent target for the migration scheme to 195,000 in 2022-2023 to help alleviate the critical skills shortage.

“This will put further pressure on an already undersupplied housing market, which new developments like what is possible at 816 Pittwater Road will help alleviate.”

Toby Silk, CBRE

The sale comes as Dee Why is undergoing significant urban renewal following the town center plan released in 2013. The residential population is expected to increase by 32% to 31,156 by 2041.

“We expect to see strong demand from local developers who have redeveloped much of Dee Why as well as buyers targeting the emerging build-to-let sector,” concluded Mr Silk.

Build to let has become increasingly popular with investors across Australia, resulting in a low national vacancy rate of just 1%.

Share.

Comments are closed.