JACX Property was recently engaged by department store David Jones as independent Transaction Manager for the divestment of its flagship Melbourne menswear store located at 299 Bourke Street, Melbourne. The six-storey building sits within the highly regarded “Golden Mile” precinct, and is one of only 14 properties with frontage to the Bourke Street Mall.
Our engagement included the following key deliverables:
- Independent Transaction Manager;
- Tender and appointment of agent, CBRE;
- Working closely alongside CBRE in the preparation of campaign material (including due diligence reports, setting up of the data room and feasibility reviews);
- Management of the day to day liaison between CBRE and David Jones;
- Co-ordination of all property inspections with the appointed agent;
- Independently critically reviewing all purchase offers to ensure complete transparency throughout the sales process;
- Providing strategy / negotiation advice to the appointed agent to ensure optimal outcomes were achieved;
- Throughout the project, providing unbiased expert advice to David Jones to ensure all decisions were well considered and in the best interests of David Jones;
- Remaining “hands on” during the settlement period to ensure all risks were mitigated;
- Responsibility for all reporting and program updates to the David Jones property team and board.