David Jones

In one of the most significant property deals since the coronavirus crisis struck David Jones parent company, Woolworths Holdings, has gone into exclusive talks with property firm Charter Hall about the sale of its Elizabeth Street site in the Sydney CBD.

South African department store chain Woolworths Holdings has sold the David Jones menswear store on Melbourne’s famed Bourke Street mall to funds manager Newmarket Capital in a $121m deal that could bolster the beaten-down sector.

Australian department store David Jones is poised to launch the sales process for its $1bn property portfolio, with promotional material being sent out to the market next week.

The great retail property sell-off in the wake of the coronavirus crisis is likely to be kicked off by two of the best assets in the country, the David Jones flagship stores in Sydney and Melbourne.

Retailer David Jones is moving closer to selling the site of its flagship menswear store in Melbourne’s famed Bourke Street shopping precinct, winning strong interest around the $120 million mark with Newmark Capital one of the groups in the ring.

Competitive e-sports spaces, VR experiences and a quick commute to a co-working space could become part of your shopping experience as malls look to fill the gap created by department store downsizing.

The champagne fountain was cascading at the unveiling of the David Jones Elizabeth Street ground-floor launch this week.

Major retail landlords are coming under pressure from the sluggish performance of anchor tenants, which are dragging on overall complexes even as some areas hold up.

David Jones has officially listed one of its flagship Bourke St Mall stores, with price expectations in excess of $150 million.