PHOTO: David Jones – Melbourne
Retailer David Jones has entered a contract to divest its menswear store at 299 Bourke Street Mall in Melbourne to Newmark Capital for $121 million.
The deal includes a short-term leaseback while South African-owned David Jones redevelops its flagship store on the opposite side of the mall on 310 Bourke Street, to be transformed into an elevated retail destination under one roof.
Once that project is complete Melbourne-headquartered Newmark will be in a position to potentially reposition the acquired 2,247sqm site into a prestigious, mixed-use landmark asset in a tightly held area.
The deal was negotiated by CBRE’s head of retail capital markets Simon Rooney, alongside JACX Property acting as transaction manager on behalf of David Jones.
“The highly unique offering of 299 Bourke Street attracted significant levels of international and domestic interest and enquiry, resulting in genuine bidder depth, reflecting one of the most competitive retail campaigns for an asset of this size and nature,” says Rooney.
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