This article is from the Australian Property Journal archive
DAVID Jones has renewed its lease the Toowong Village shopping centre in south west Brisbane.
David Jones has been trading from Toowong Village for 24 years and its existing lease expires on February 01 2012.
David Jones has signed a 20-year lease as part of the centre’s redevelopment plans. Built in 1986, the three-level Toowong Village is part of a 13 level office building managed by the First Group. The new David Jones store will increase its floorspace by more than 20%.
CEO Paul Zahra said the existing Toowong store has been trading since 1986 and has not had a major refurbishment during this period.
“As a result it is not reflective of a contemporary David Jones store. We are excited about the prospects of this store once it is refurbished and upgraded in line with the best performing stores in our portfolio,” he added.
The Toowong store refurbishment and upgrade will be funded jointly by David Jones and the landlord. Work will commence at the end of calendar year 2011 and the new refurbished store will be ready for trade in the lead up to Christmas 2012.
Australian Property Journal
