The receivers overseeing David Jones have announced plans to permanently close 19 retail locations across Australia and New Zealand, effectively reducing the department store chain’s physical presence by 50%. This strategic move forms part of the company’s broader financial restructuring efforts.

Stores in both countries will be affected, though the exact locations and closure timelines remain under review and will be confirmed in the weeks ahead.

Data Centre Expansion Plans

Meanwhile, AirTrunk has raised $4.25 billion in sustainable financing for its Western Sydney data centre campus, while Canberra’s CDC Data Centres has revealed expansion plans. Fifty Group has acquired two Canberra hotels totaling 137 rooms, and Serene Capital has taken over The Ascott Limited, filling a vacancy left by Adina Serviced Apartments.

Marprop has sold a Canberra office and training facility it had held for five years, generating $86 million from the transaction. Star Media Group Bhd has committed $35.5 million to an Australian office-focused investment fund targeting major cities, including Sydney and Melbourne.

A major office development in Canberra’s central business district has been purchased by Paul Lederer, while the Tavner family has sold 12 Doors Plus outlets—including leaseback arrangements—for approximately $30 million. Additionally, a large retail complex featuring 150 parking spaces in Canberra’s southeast has been sold to an interstate buyer.

Charter Hall has finalized several property deals for its Social Infrastructure REIT, including the acquisition of a mixed-use development within Gungahlin’s master-planned precinct. The Suburban Land Agency awarded Woolworths’ development arm, Fabcot, the contract to build the project.

A Canberra office building with a 68% vacancy rate has been sold off-market. Elanor Investors Group has divested a five-year-old retail property located near the Belconnen Fresh Food Market. Salter Brothers plans to launch a hospitality investment fund within 18 months, following a property contribution agreement.

Dubai-based billionaire Ghassan Aboud, originally from Syria, has begun construction on his first ACT hotel. Separately, EG Funds has sold the Crown leasehold interest of the National Archives Office, originally constructed in 1926 as the Secretariat Building. Canberra developer Doma Property has secured four new office lease agreements, including one in Newcastle.

Beyond Bank has sold a Mawson office it had partially occupied for decades, while Singapore’s sovereign wealth fund GIC and SGX-listed Wee Hur Holdings have collectively raised $1.6 billion from seven Australian student accommodation facilities. The Snow family’s Capital Property Group has also secured another central Canberra site from the ACT Government’s City Renewal Authority.

Charter Hall has sold a Canberra office acquired during the national lockdown, and Growthpoint is purchasing a single-asset office trust, targeting investors. The 1986-built property, recently refurbished in 2022, is expected to deliver strong returns.

The Suburban Land Agency has sold two high-profile development sites expected to deliver hundreds of new apartments. Centuria has sold a Canberra warehouse held for eight years through its Industrial REIT, as well as two A-grade offices—one in Canberra and another in Maroochydore—at a loss compared to their 2019 and 2021 purchase prices.

Region Group, previously known as SCA Property Group, has quietly acquired its first Canberra shopping center. WIN Corporation, owned by Bruce Gordon, has sold its second asset this month, the Scarborough Hotel. Dexus, acting on behalf of the Wholesale Australian Property Fund, has also sold another Canberra office.

Three months after abandoning Walker Corporation as the preferred developer for a prime Canberra site replacement, the ACT government has now awarded the project to a different developer. Aware Super has added another build-to-rent property to its portfolio, this time in Canberra’s upscale Dickson suburb.

Fund manager Arcana Capital, led by former Queensland Premier Campbell Newman, has acquired a Canberra office for $17.4 million. Serene Capital, based in Sydney, has purchased an office converted from a hotel, located five kilometers south of Canberra’s parliamentary precinct.

Centuria has sold an Enrico Taglietti-designed Canberra office as part of a debt-reduction strategy expected to raise $225 million. The Stevens Group has also bought a development site within a $1.7 billion housing estate being constructed by Mirvac and Peet Limited.

Canberra Hospital Expansion

The helipad of a nine-story building under construction, the core of the Canberra Hospital expansion, hosted a recent announcement by the ACT government.

Australian Unity has acquired several essential services investments, including a childcare center and a petrol station. Through its Specialty Disability Accommodation Fund, the company has also purchased multiple properties nationwide.

Sentinel has sold Tuggeranong Homeworld for $46 million, concluding an eight-year single-asset fund. The 2.2-hectare property was transferred to an undisclosed buyer.

Charter Hall is reportedly preparing to acquire another Canberra office in Braddon, following the impending departure of a major tenant. Doma and Kenyon Investments have sold a fully leased Barton office to Charter Hall on a funds-through basis.

The Geoscience Australia headquarters is once again on the market, with Charter Hall reportedly offering a record-high price for the property.

Aquis Entertainment has agreed to sell Casino Canberra to Bill and Mario Gravanis’ Oscars Hotels for $52 million, with finalization expected in the coming months.

In its first Canberra acquisition, Hunter Investment Corporation has purchased Phillip’s Lovett Tower for around $30 million, marking a shift in its investment strategy.

Altis has sold Canberra’s former Penrhyn House after holding it for four years. A Canberra essential services property, featuring a petrol station, childcare center, gym, Hungry Jack’s restaurant, and showroom, has also been sold to an undisclosed buyer.

University Sells Campus Land

The University of Canberra has sold a 15-hectare section of its Belconnen campus to Peet Group, which plans to transform the land into a mixed-use development. Investors spent nearly $28 million on bottle shop investments during a recent bulk auction.

Investec Australia Property Fund, managed by Irongate Group, has sold a Canberra office leased to the Attorney General’s department after a major refurbishment. Ascot Capital has divested an $800 million-plus commercial property portfolio, including 23 logistics assets and an office.

South Korea’s Mirae Asset Global Investments is selling a central Canberra office for $335 million. The deal for the 14-story building is expected to finalize soon.

Findex has sold a Bunnings-converted retail property in Albury, near the New South Wales-Victoria border. Real Asset Management has purchased a recently refurbished, fully leased Canberra office for $115 million.

Charter Hall Acquires Offices

Charter Hall has acquired two government-backed offices from private developer DOMA, yielding a blended 5.2% initial return. Marprop has also secured another Canberra asset, the Australian Federal Police College in Barton.

Centuria has sold Scarborough House in Canberra to Sentinel for $83 million, achieving a 7.7% yield on the 14-story A-grade office.