Monday, March 19, 2007

Myer Seeking Sale Leaseback of Flagship Melbourne Department Store - March 14, 2007

The flagship Myer department store in downtown Melbourne, the largest single department store in the southern hemisphere covering some 72,000 sqm, will be sold by CB Richard Ellis through an expressions of interest campaign that starts immediately.

Under plans announced yesterday, Myer will sell and lease back the Bourke Street component for 20 years with four additional 10-year options, but will cut adrift the Lonsdale Street section by selling it with vacant possession.

Myer currently occupies about 45,000sqm of retail space in the complex, which spreads over two blocks in two linked buildings that cover 15,000sqm of land. But according to a Myer spokesman, a future Myer department store will have between 35,000 and 37,000sqm of floor space.

Myer's redevelopment plans include a $45 million makeover of the ageing Bourke Street store, which was completed almost 75 years ago. Sphere: Related Content

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