David Jones will commence a global campaign to sell its iconic Sydney CBD Market Street building next month.
Westfield owner Scentre group has reportedly expressed interest in purchasing the landmark with the estimated cost of the property expected to sell at $350 million.
David Jones' owner and operator Woolworths Holding has officially put the building on the market in a bid to raise funds to transform its store portfolio around Australia, including Sydney CBD's Elizabeth St store which will remain open.
According to the Sydney Morning Herald (SMH) Scentre Group chief executive Peter Allen confirmed the company's interest in taking over the site.
"Given we are owners of the adjoining, high performing, Westfield Sydney, we would be an interested party in any sale of the David Jones stores.
"We look at any opportunity to expand our footprint.”
SMH has also obtained a statement from Woolworths Holding chief executive Ian Moir who believes there will be interest from China.
"We expect we will get a lot of excitement and a lot of engagement, particularly from the Chinese market.
"Our aim is transform the Elizabeth Street store into the southern hemisphere's leading department store.
"We believe that having a neighbour with such strong attributes in this vibrant precinct will serve as an added attraction to any potential purchaser and we look forward to progressing the sale process."