ABL helps to restore the glory of Melbourne’s Bourke St Mall

Most recently, the firm acted for commercial property fund manager IP Generation in its $223.5 million acquisition of the flagship David Jones building at 294-312 Bourke Street.

As reported in the Australian Financial Review, the acquisition marks the largest Australian CBD retail transaction since the pandemic and the largest single-asset retail transaction in Melbourne’s CBD in almost a decade.

The transaction was led by our Property & Development team.

ABL’s involvement in the David Jones acquisition is the latest example of ABL being seen as the go-to firm for clients who are committed to investing in and developing the Bourke Street Mall, with other recent transactions including acting for:

• Charter Hall & Abacus Group: On their respective acquisitions of a one-third interest in the Myer Melbourne building for a combined $270 million, one of the largest CBD retail transactions in Australia during 2021 and the largest retail transaction in Melbourne’s CBD in over 13 years.
• Steadfast Capital: On the leasing, development, subdivision, construction and financing for the redevelopment of The Walk Arcade, the first new development project delivered in Bourke Street Mall in over 50 years. This included securing retailer, JD Sports Fashion Australia, as the anchor tenant at the Melbourne Walk redevelopment.
• MECCA Brands: On all aspects of its lease negotiations as well as advising on the fit-out works contract for their new flagship store.

Property & Development partner Tyrone McCarthy described the firm’s involvement this way:

“Arnold Bloch Leibler’s expertise in property acquisitions, leasing, development and construction has positioned us perfectly to help our clients breathe new life into the Bourke Street Mall, one of Melbourne’s most treasured retail precincts.

“The wave of enthusiasm in the redevelopment, delivered via investment, hard work and creativity, highlights the resilience of Melbourne’s retail property sector.”