This article is from the Australian Property Journal archive
MABEN Group has been appointed to deliver the main works of Newmark Capital’s redevelopment of the former David Jones menswear store on Bourke Street Mall in Melbourne.
Works on the six-level building will begin in the current September quarter to accommodate retail stores and office space. Newmark Capital acquired the building in the middle of 2020 from David Jones’ parent company Woolworths Holdings for $121 million, and earlier this year secured major advertising agency Clemenger Group as anchor office tenant across 7,500 sqm over four levels – almost the entire office component – while beauty giant Mecca will take over the ground and first floor retail space vacated by David Jones, and fashion retailer Rodd & Gunn will open a new store at the building’s rear, facing Little Collins Street.
“Through a comprehensive tender process, Maben Group demonstrated a high-level understanding of the project and an impressive capability across their business to ensure a successful outcome. We look forward to working with the Maben team in the coming months,” Newmark Capital’s general manager of property, Angus Machutchison.
“We are proud to be at the forefront of revitalising this iconic building and thrilled to watch the redevelopment take place over coming months,” said Machutchison.
“The reimagined 299 Bourke Street will play a pivotal role in welcoming people back to Melbourne’s CBD.”
The building’s upper floors have been used primarily as storage for decades and will be transformed into large, loft-style office spaces with high ceilings, and rooftop terraces will be added above.
Maben Group director Damien Marasco described 299 Bourke Street as a “legacy project”.
“It combines the refurbishment of the entire building, restoration of heritage elements and new structure in a challenging environment, it really suits our team.”
Founded in 2004 and specialising in the commercial and retail sectors, Maben Group has delivered over 165 projects for Australian clients including Queensland Investment Corporation (QIC), Vicinity, GPT Group, Essendon Fields and AMP Capital.
David Jones’ parent company Woolworths Holdings sold 299 Bourke Street as part of a store real estate rationalisation program that sought to slash the department store’s floor space by 20% by 2026, including via negotiations with landlords that could include breaking of leases.
