The race to secure two of David Jones’ coveted CBD retail spaces is heating up as more groups join the bidding war.

Up for sale is the retail giant’s Elizabeth Street store in Sydney, believed to be valued between $ million and $5 million, and the Bourke Street store in Melbourne, expected to sell for between $ million and $ million.

As reported by The Australian, the competition for the Sydney store is especially fierce, with more names throwing their hat in the ring for the prized retail spot in the middle of the CBD.

Sydney investment house AsheMorgan is just one of the parties who have expressed interest, while Precision Group, which owns Adelaide Central Plaza, is also vying for the property.

A 5-year leaseback arrangement, with the potential to negotiate a -year term, is part of the deal.

It comes after David Jones’ South African parent, Woolworths Holdings, appointed an investment bank to review its ownership structure.

The retail chain revealed plans to reduce operations by per cent, with stores slated for closure across Australia and New Zealand.

The smaller ‘men’s store’ in Melbourne’s Bourke Street branch was the first to get the cut in July after selling for $ million.

Woolworths Holdings announced David Jones dropped from a profit of $ million in 9 to a $ million loss in due to the COVID-9 pandemic.