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Newmark Investor Update - Q4 2026

The period spanning late 2025 through the first quarter of 2026 marks a defining chapter for the Bourke Street Trust, with 299 Bourke Street transitioning from a high‑profile refurbishment of a heritage building into a city‑shaping anchor asset within Melbourne’s CBD.

The refurbishment reached full completion in December 2025, following the staged openings of Clemenger BBDO’s offices in June, MECCA’s global flagship in August, and Rodd & Gunn’s flagship store in October. Together, these tenants have established 299 Bourke Street as a world‑class mixed‑use retail, hospitality, and commercial destination in the heart of Bourke Street Mall.

This milestone reflects the shared conviction and long-term vision of all stakeholders, including you—our investors. Your support, patience, and belief in the project have been instrumental in navigating the challenges of the development journey, and we extend our sincere appreciation.

Precinct Performance and Market Indicators

Early indicators point to strong trading conditions within the precinct. Pedestrian sensor data reported in December 2025 showed foot traffic through Bourke Street Mall increasing by approximately 38 per cent in the first half of December compared with the prior year, rising to more than 40 per cent during evening trading hours. December alone saw approximately 800,000 visitors to the Mall.

Media commentary during the peak trading period highlighted MECCA as a “perennial favourite” for Christmas gifting, with beauty products continuing to dominate consumer spending. Anecdotally, activity levels through the MECCA flagship and across the Mall have been similarly strong.

Mecca Flagship - A New CBD Anchor

MECCA’s 4,000 sqm global flagship—one of the largest standalone beauty retail environments in the world—has quickly evolved from a launch‑phase attraction into a high‑frequency destination. The store blends beauty retail with wellness, services, events, and experiential programming, with media increasingly framing it as a “wellness sanctuary” and cultural space rather than a traditional retail store. Its presence has been widely cited as a key contributor to the resurgence of CBD retail spending and foot traffic.

Rodd & Gunn - Retail as Hospitality Destination 

Running parallel to MECCA’s success is the emergence of Rodd & Gunn’s global flagship, which combines menswear retail with a large-format dining room, wine bar, and hospitality-led experiences. Spanning four levels and accommodating up to 200 patrons, the concept reflects the broader shift toward “retail as venue” and Rodd & Gunn's brand loyalty strategy, and the stores strong early performance has been linked to CBD revitalisation metrics alongside MECCA.

Tenant Reporting and Valuation Considerations

We have received a number of enquiries regarding tenant trading performance. Formal reporting will not be available until after the end of the 2026 financial year, and no formal trading figures or forecasts are currently available. Any information relevant to valuation will be reviewed and communicated to investors at the appropriate time.

Asset Quality and Long-Term Positioning

We are extremely pleased with the final presentation, quality, and distinctiveness of the building and the exceptional fitouts delivered by our tenants. Their investment in creating high‑calibre, bespoke spaces underscores their confidence in the original vision for the refurbishment and reinforces the long-term positioning of the asset. The combination of leading retail, hospitality, and commercial tenants places 299 Bourke Street in a strong position for enduring value and performance.

For investors who have not yet visited the asset, we encourage you to experience the completed development in person.

The investor video linked below  provides a clear sense of the quality, scale, and ambition of the refurbishment. 

Thank you again for your continued trust, support, and belief in the vision for 299 Bourke Street. We look forward to providing further updates as the asset continues to mature.