David Jones Set To Sell Flagship Properties In Sydney & Melbourne
David Jones is about to commence the process of selling off $1 billion of properties, with The Australian reporting that promotional material for the properties will be sent to the market next week.
The retailer’s flagship properties in the both Melbourne and Sydney are on offer. David Jones’s Elizabeth Street store was recently refurbished, and there are reportedly plans to revamp the Melbourne store, which would make attractive prospects to buyers.
In recent years the department store has sold off a number of high-value properties, including its Market Street building in the CBD of Sydney to Scentre Group and Cbus Property for $360 million in 2016.
While the country’s largest commercial property landlords are likely buyers for the coming sales as well, these parties have been hit hard by the COVID-19 lockdowns, and there for may not be in a position to acquire at the moment.