685 Pittwater Road, Dee Why NSW 2099

ICONIC DEE WHY FREEHOLD – WHOLE BUILDING FOR SALE
Secure a rare and tightly held commercial asset in the absolute heart of Dee Why. 685 Pittwater Road stands as an irreplaceable landmark along Pittwater Road within the thriving Dee Why Town Centre.

Known as Weight House, this was the first office tower developed in Dee Why by the renowned Woodrow Weight, a key figure in shaping the Northern Beaches commercial landscape. This is an opportunity to secure a genuine piece of local history while benefiting from strong and diversified income.

Exclusive agents NOVAK Properties are proud to present the entire freehold building to the market.

Investment Overview
• Whole building offered in one line
• Net income circa $433,000 per annum
• 7.2% net yield
• 8.8% gross yield
• Gross income circa $530,952 + GST per annum
• 26 diversified tenants
• Longest lease expiry 2029
• Ground floor anchored by Raine & Horne
• Rooftop Telstra lease providing additional income
• 1,281m² net lettable area
• 348m² land area
• Ten separate strata lots sold in one line
• Four-storey commercial building
• MU1 Mixed Use zoning
• 27 metre height limit

The tenancy profile provides strong diversification, minimising risk while delivering stable triple net income.

Development & Value-Add Potential

The building’s flexible floor plates, central location and 27 metre height limit create substantial repositioning and redevelopment opportunities STCA.
Architectural concepts demonstrate the potential for a 6–7 storey redevelopment incorporating approximately 33 studio apartments, while retaining ground floor commercial income.
Indicative rental modelling suggests:
• 33 studios at $450–$500 per week
• Potential residential income of $772,000 – $858,000 per annum
• Combined income potential approaching $1 million per annum

Subject to final design and lease-up, this could reflect a potential end value in the vicinity of $20 million.

A long-held cornerstone of Dee Why’s commercial district, 685 Pittwater Road represents a rare opportunity to secure scale, income and future uplift in one of the Northern Beaches’ most tightly held precincts.

Whether you are an experienced investor, strategic land banker or owner-occupier seeking future potential, this high-exposure freehold is a compelling acquisition.