Known as "the mens store", the David Jones Market Street building has been sold by a South African based company for $360 million.
For 78 years it was a menswear store, but the David Jones Market Street building has been recently sold for $360 million. The vendor, Woolworths Holdings Ltd, a South African based retail group, is moving its head office and operations centre to Melbourne and will enhance the remaining Elizabeth Street store with a $200 million refurbishment.
The purchasers were the Scentre Group, with a $182.5 million share and Cbus Property, with $177.5 million share. The Scentre Group is an Australian Real Estate Investment Trust which manages, develops and has ownership interests in Westfield centres across Australia and New Zealand. The trust was formed by the merger of two former Westfield trusts and businesses and listed on the ASX in 2014. The group currently has over $42 billion worth of assets under management over 40 shopping centres. Cbus Property is the national superannuation fund for the construction industry and manages over $34 billion of its members’ money.
According to Sydney Cityscope the building is currently 11 storeys with lower ground and basement parking and a net lettable area of just over 21,000 sqm. Always known as ‘the mens store’, Sydney gentlemen will still have until late 2019 to make alternative arrangements as the Market Street property has been sold on a leaseback basis. Already linked to the neighbouring Westfield via a footbridge above and a basement entrance below, the new owners’ long term plans for the building include revamped retail space, quality office accommodation and a luxury residential tower above.