David Jones’ 299 Bourke Street close to sale for c$120 million: reports

David Jones is reportedly close to selling its landmark Bourke Street Mall menswear store in the Melbourne CBD.

The mooted $120 million price is far less than the $150 million guide attached to the property when it was first speculated to be for sale last year.

A public sale campaign was launched last December.

According to this exclusive report by The Australian’s Ben Wilmot today, Newmark Capital is in the mix of prospective suitors.

Newmark last year paid Stockland about $64 million for Melbourne’s Tooronga Village shopping centre.

Headed by ex-footballer Chris Langford, the investor also owns South Yarra’s Jam Factory which is earmarked for a $450 million redevelopment set to include new offices.

CBRE’s Mark Wizel, Simon Rooney and Lewis Tong are representing David Jones.

David Jones menswear store: 299 Bourke Street

When it was speculated to be for sale last year, David Jones’ trophy property was mooted as a potential block for global telecommunications giant Apple which has been seeking a Melbourne CBD flagship store for a decade.

It includes 11,814 square metres of area over seven floors and a high-character historic exterior (the property was built in the 1930s for GJ Coles). The plot size is 2232 sqm.

David Jones intends to use sale proceeds from 299 Bourke Street to renovate its main store across the road at #310.

Last month a comparable landmark asset – the former Australia on Collins complex – was listed for sale – also carrying c$150 million price hopes.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.