The property firm has finalised its purchase of the Elizabeth Street flagship store for a total of $510M.
The site has been acquired on a sale and leaseback transaction with David Jones, and in turn guarantees that the store can operate at this site for the next 20 years on a minimum annual rent increase of 2.5 per cent.
Scott Fyfe, Chief Executive Officer at David Jones, commented: “David Jones is one of Australia’s most iconic retail brands and is back by an exceptionally strong culture of commitment to quality and style. I look forward to leading the team and working with our many partners as we focus on the changing behaviours of our customers and delivering products and experiences for the future.”
The Elizabeth Street Flagship has recently undergone a $200M refurbishment.
