Building industry super fund Cbus could be about to boost its property portfolio with the purchase of the David Jones Market Street store in Sydney in conjunction with Scentre Group.

DJ’s owner, Woolworths Holdings, (a South African retailer not related to the Woolworths supermarket chain) put the property on the market earlier this year as part of an asset restructure. It is likely to sell for about $370 million.

Since then, interested buyers have been jockeying for position. An earlier proposed joint venture between the listed Stockland property group and Cbus was out-manoeuvered by Scentre,The Australian reported.

Scentre is the Australian shopping centre owner created by a restructure of the Westfield Group founded by Frank Lowy.

Cbus has not yet confirmed its interest in teaming up with Scentre. But it is believed to be an attractive joint venture partner for Scentre because of its expertise in developing high-end residential towers over existing buildings.

Scentre plans to turn the upper levels of the DJ’s centre into apartments and build a residential tower on top of the building.

Cbus is currently developing a $350 million luxury 43 storey residential tower at 35 Spring Street Melbourne. That project sold out soon after its release in 2014.

Cbus Property chief executive Adrian Pozzo told The Australian “This is an exciting time for Cbus Property as we near the successful completion of our first premium residential project in Melbourne’s CBD, setting a new benchmark for our current inner-city, high-end developments in East Melbourne and at 447 Collins Street,” he said.

The projects referred to are a $1.25 billion development at 447 Collins Street, Melbourne which will include 205 apartments, along with office, hotel and retail spaces.

In East Melbourne, Cbus is developing a $150 million project with Brookfield, which is also building at 35 Spring Street.

Cbus Property is a major player in the apartment markets in Sydney with projects at at Milsons Point and Randwick and in Brisbane with a $375 million luxury apartment tower in Brisbane’s Queen Street.

Cbus and Scentre declined to comment for this story.