David Jones is close to selling its landmark Bourke Street Mall menswear store in the Melbourne CBD.
The $121 million price, mooted by The Australian, is far less than the guide ($150m) attached to the property when it was first speculated to be for sale last year.
A public sale campaign was launched last December.
Newmark Capital is speculated to be the buyer.
The local fund last year paid Stockland about $64m 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 $450m redevelopment set to include new offices.
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 St 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$150m price hopes.