The long-anticipated sale comes only three days after the owners of the department chain, the South African Woolworths, revealed it was severing its corporate ties with Sydney by relocating head office operations to Melbourne. Scentre Group, the owner of the Westfield Sydney mall and the Melbourne-based super fund Cbus were the buyers.

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David Jones will continue to occupy the site until late under a lease agreement providing a 4. On completion, the redeveloped 77 Market Street site will comprise 10, square metres of luxury retail space integrated with Westfield Sydney.

By submitting your email you are agreeing to Fairfax Media's terms and conditions and privacy policy. In addition Cbus Property will convert the balance of the existing building to provide office space and develop a luxury residential tower above, overlooking Hyde Park.

Adrian Pozzo, Cbus Property CEO said: The Elizabeth Street store will be the flagship site and will undergo a significant upgrade, including a new and expanded food court. It's expected a sale of a Melbourne store will ensure.

The rest of the David Jones stores around the country are leased. The sale agents were Scott Gray-Spencer from CBRE and Simon Fenn from Savills. Long known to Sydneysiders as David Jones' "men's store", the building houses the famous David Jones food hall as well as menswear, manchester and electrical.

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