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News release

SYDNEY

Large department store occupied by David Jones in Wollongong comes to market

JLL exclusively appointed to manage the sale of the 3,500 square metre property on behalf of a private vendor. Property offers significant development potential in coveted South Coast region.


​The large retail department store in Wollongong currently occupied by one of Australia's largest retailers, David Jones, is being offered to the market exclusively by JLL's Director, Metropolitan Sales and Investments – NSW​, Paul Hunter, and Senior Executive, Gary Mason.

Mr Hunter and Mr Mason are offering the property on behalf of a private vendor, via an Expressions of Interest campaign closing Wednesday 2 November 2016.

Located at 163 – 177 Crown Street and 80 Church Street, Wollongong, the approximate 3,503 square metre land area over two sites comprises 8,998 square metres of retail space and a five-level car park building and basement storage of 6,993 square metres. It has a total approximate Gross Floor Area of 15,991 square metres. This includes leased airspace for the building which is above Globe Lane and connecting the buildings to the two sites.

The property has been occupied by David Jones since the 1970's and their current lease term is for 10 years expiring on 31 October 2020. David Jones has announced plans that it will move into a new department store at the neighbouring Wollongong Central Shopping Centre in late 2017. The eventual purchaser of the property will work with David Jones to negotiate any terms of release.

"This property is a very unique offering and the potential is three-fold," Mr Hunter said. "Prospective buyers could look at owning and occupying the property, with the benefit of a large flexible floor space, repositioning the asset or fully redeveloping the site. Its location in the Wollongong CBD along with its picturesque South Coast location will make it an appealing offering for buyers across many market sectors."

The sale price of the property and potential gross floor area are dependent upon the purchaser and eventual use of the site, given the differing Floor Space Ratios.

Mr Mason said the particulars of the property's location would spark the interest of the market. "Proximity to transport, entertainment, retail and important amenity such as hospitals and educational facilities remain sought-after by investors and developers. This property possess all of these, with the added benefit of being just one kilometre from Wollongong Beach. The site's dual-street frontage and flexible planning controls strengthen the potential to craft a brand new development for the Wollongong community in the future."