Business
David Jones sells Bourke Street store to Newmark for $121m – The Age
Troubled department store retailer David Jones has offloaded one of its key Bourke Street stores in Melbourne to Newmark Capital for $121 million.
The group’s two remaining city stores are estimated to be worth a combined $1 billion, although market insiders say Australia’s entrenched bricks and mortar retailing downturn is likely to affect their end value.
Woolworths South Africa also owns the Country Road business.
Newmark is no stranger to retail property. It is the owner of the popular Jam Factory complex in South Yarra and multiple other shopping-focused assets through its individual unlisted property funds.
Newmark co-founder Chri…
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