David Jones considering the future of boutique Brisbane store

A MAJOR department store is re-thinking its future in one of Brisbane’s most upmarket locations, despite having only opened its doors two years ago.

A DEPARTMENT store giant is thinking of getting out of one of Brisbane’s most successful high streets.

It was just two years ago that David Jones rewound the clock and reopened for business in a 1400sq m boutique store in James St, Fortitude Valley, more than 40 years after leaving the area.

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Department store David Jones will open a store at James St in Fortitude Valley

However, we hear the store — which offers a mix of will be a mix of fashion, shoes and accessories targeted at an up-market clientele — has not done as well as DJs had hoped.

It is understood the company is looking at ways to get out of its long-term lease in the refurbished former Space Furniture building at 10 James St owned by Scott Hutchinson of Hutchinson Builders and Fortitude Music Hall fame.

One way would be get another retailer in the space on a sublease deal allowing DJs to leave without bearing a large financial penalty and we hear a few have been sounded out.

However, a DJs spokesperson played a straight bat saying: “We have regular discussions with our landlords and retail partners as we optimise our offering for customers, and do not comment on speculation regarding our stores.”

At the time of its opening manager Tiffany Hall said the boutique store promises a “very different shopping experience”.

“James St is a growing and vibrant precinct and we are really pleased to have a presence in this market,” Ms Hall said. “We think customers will respond well to our store.”

Model Sapphire de Goede at the new David Jones store on James St in Fortitude Valley after it was opened in 2017.

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IN agencyland there have been plenty of big moves this year and we hear there have been a couple more.

Peter Chapple

We understand Peter Chapple and Jack Morrison have left Savills and — after gardening leave — will front up for work at CBRE with expectations they will help fill the agency’s middle markets void.

Since Mike Walsh and Peter Court were given an offer to good to refuse to leave CBRE with the rest of the middle markets team for Cushman & Wakefield last year not a lot has been happening in that area for the agency.

As yet their has been no announcement about their new roles.

But that soon may change CBRE old hand Jonathan O’Brien returning from the Gold Coast to take on the Queensland regional director, Capital Markets — Metropolitan Investments role.

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ONE of the classier establishments in Teneriffe is up for auction.

The property — tenanted by restaurant/bar Streetcorner Jimmy in the iconic London Woolstore at 36 Vernon Tce is being marketed by Ray White Commercial Queensland’s Michael Feltoe.

Opened about a year ago by Darrin Northey and Christina Bergamin Streetcorner Jimmy has been compared to the bar in the TV show Cheers complete with the tune that goes “sometimes you wanna go, where everybody knows your name” because it evokes a certain old world charm.

Feltoe says the bricks and mortar investment “ticks all the boxes” with its corner location in a high traffic area and a landlord friendly lease to a high quality tenant who is performing exceptionally well.

“The venue is a 140-seat restaurant/bar that has recently undergone a tenant funded internal refurbishment that created a rustic, urban space by restoring the unique character features of the building, with complementing modern elements.

“The asset offers a five-year net lease with fixed four per cent annual increases to an experienced operator who has developed a terrific reputation for being the go-to local venue.”

For the record the name Streetcorner Jimmy comes from the mid 1800s English parliamentarian James Gibbon. He built Teneriffe house which he named after the largest island (Tenerife) in the Canary Islands group which then became the suburb of Teneriffe.

The auction will take place on September 6 at 10.15am at Level 26, 111 Eagle St in the Brisbane CBD.

Inside Streetcorner Jimmy in Teneriffe.