David Jones is launching an international sale campaign for its Market Street Building in Sydney’s CBD next month.

David Jones Chief Operating Officer, David Thomas, said the sale would allow David Jones to focus on the redevelopment of the adjacent flagship Elizabeth Street store.

“Our aim is transform the Elizabeth Street store into the Southern Hemisphere’s leading department store. We believe that having a neighbour with such strong attributes in this vibrant precinct will serve as an added attraction to any potential purchaser and we look forward to progressing the sale process.”

Completed in 1938 to mark David Jones’ 100th anniversary, the Market Street building is characterised by its sandstone heritage façade and signature corner curve, emphasising its inter-war, functionalist design. CBRE and Savills have been charged with steering the marketing campaign for 77 Market Street.

CBRE’s Scott Gray-Spencer said significant buyer interest was anticipated from both national and international developers given the building’s landmark status, premier CBD location and compelling development prospects.

“This is a one-of-a kind offering, providing an opportunity for a developer to secure a highly significant land holding in Australia’s most vibrant retail precinct. Subject to the relevant planning approvals it affords the opportunity to develop a landmark project encompassing a mix of high street retail, hotel, commercial and residential uses.”

Gray-Spencer noted that the strength of the city’s retail market was expected to underpin buyer interest in the sale campaign following the arrival of high street juggernauts such as Zara and H&M and global luxury stores Christian Louboutin and Dior.

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