The foreseen development of large-scale Offshore Windfarms (OWFs) further from the shore dictates that the OWF transmission system must be optimally designed based on Dynamic Thermal Rating (DTR) in order to fully utilize the intermittent nature of the wind and to keep the offshore wind cost-competitive. In this paper, a comprehensive, DTR-based, two-stage stochastic model is presented, which has been developed for investment decision support for OWF size and HVAC transmission systems. Complex DTR models for all the critical HV components are made fit for the mixed-integer linear programming problem, while accounting for the stochasticity in wind generation and component availability. The main decisions incorporate the discrete size of OWFs, HV subsea export cable cross-sections and ratings for transformers and shunt reactors. For validation, an actual testcase OWF off the east coast of U.K. has been used. Results indicate that DTR-based iterative design of OWF and its transmission components can significantly improve the business case, even though transmission efficiency and energy delivered are not maximum for the optimal design