- Newmark Capital acquired the former David Jones menswear store in 2020
- Maben Group's appointment follows a a tender process
- The property is located at 299 Bourke Street
Newmark Capital has appointed Maben Group as the main works contractor for its 299 Bourke Street property.
Newmark Capital acquired the Melbourne icon back in 2020, with the redevelopment to follow the expiry of David Jones’ occupancy.
The retail and office building sits on a 2,247 square metre site and includes 11,814 square metres of GLA.
The redevelopment is scheduled to commence in the third quarter of 2022, to accommodate prestige retail and premium office space.
“Newmark Capital is pleased to announce the appointment of Maben Group to undertake the redevelopment works of 299 Bourke Street, Melbourne,” said Newmark Capital’s General Manager of Property, Angus Machutchison.
“We are delighted to partner with Maben Group to deliver our Bourke Street redevelopment project.
“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.”
Maben Group Director Damien Marasco said: “299 Bourke Street is 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.”
Following refurbishment, the property will be home to premium retail offerings including MECCA. The beauty store will occupy 299 Bourke Street’s basement, ground, and first floors, and it will a new MECCA flagship in Australia.
Rodd and Gunn will launched their new Lodge Bar and Dining retail concept fronting Little Collins Street. The store will be similar to the recently opened James Street Brisbane outlet that has been an outstanding success.
The upper floors of the former David Jones Melbourne store was primarily used for storage over many decades. Newmark Capital said that storage space will now be transformed into large, loft-style office spaces with high ceilings.
All five upper floors will be occupied by leading media agency group Clemenger, with the addition of new rooftop terraces above.
Purchased in the midst of Melbourne’s 2020 lockdown, the redevelopment of 299 Bourke Street will support the post-COVID revitalisation of Melbourne’s retail sector by drawing people back to the CBD.
Plans for development have garnered strong support from local stakeholders and council, including the City of Melbourne.
“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.”
