Newmark Bourke Street Mall Trust
299 Bourke Street, Melbourne VIC 3000
This landmark property in the retail heart of the Melbourne CBD was acquired in September 2020 while occupied by the major retailer David Jones.
Newmark acquired the property having identified an opportunity to add value through an adaptive re-use strategy including the addition of new lettable area, repositioning the building into refurbished retail and office accommodation, following David Jones lease expiry in 2022. Through the same period Newmark was able to pre-commitment 90% of the property to leading tenants including Clemenger, Mecca and Rodd & Gunn.
Refurbishment works have a target completion timing of late 2023.
The Fund
| Status | Closed |
| Fund Type | Wholesale |
| Investment Objective | Sustainable income and to achieve higher rental levels and capital growth through refurbishment |
| Inception | August 2020 |
| Distributions Paid | Currently on hold during construction |
| APIR | N/A |
| Investment Term | 10 years with expected liquidity events after 3 years and 6 years |
The Property
| Property Type | Retail & Office |
| Location | 299 Bourke Street Mall, Melbourne, Victoria |
| Site Area | 2,247m2 |
| GLA | 11,814m2 |
| Anchor Tenants | Mecca, Clemenger and Rodd & Gunn |
| Carparks | N/A |
| Occupancy | 95% Pre-committed |