- The site covers 1,211 sqm
- Under current floor space and height limit regulations it could accommodate 3,875 sqm of gross floor space
- It joins the Demar devlopment, which will be home to 71 apartments upon completion
The long-time home of Avis Car Rentals in Dee Why has been listed for sale, providing a significant mixed-use residential or build-to-rent opportunity along Sydney’s northern beaches.
Avis has occupied the 2,111 sqm site at 816 Pittwater Road, 18 kilometres northeast of the CBD, for three decades. Under the current regulations, the site can accommodate 3,875 sqm of gross floor space, therefore allowing for a significant new development.
The site joins the Demar development, where 71 apartments are under construction.
Toby Silk, Aaon Arias and Nicholas Heaton of CBRE have been appointed to steer the sale campaign. Expressions of interest are open until 5 October 2022.
“The demand for lifestyle locations like Dee Why is extremely strong. The suburb provides an urban cosmopolitan with a beachside living backdrop providing a walk to everywhere lifestyle location with connectivity to the Sydney CBD and Mona Vale via B-Line express bus services as well as services that connect to Manly, North Sydney and Chatswood,” Mr Silk said.
“The government has just increased the permanent Migration Program target to 195,000 in 2022-23 to help ease critical skills shortage.
“This will put further pressure on an already undersupplied housing market, which new developments like what’s possible at 816 Pittwater Road will help alleviate.”
Toby Silk, CBRE
The sale comes as Dee Why is undergoing significant urban renewal after the Town Centre plan released in 2013. The residential population is forecast to increase by 32% to 31,156 by 2041.
“We expect to receive strong demand from local developers who have redeveloped most of Dee Why as well as buyers targeting the emerging build- to-rent sector,” concluded Mr Silk.
Build to rent has become increasingly popular with investors around Australia giving the low national vacancy rate of just 1%.
