Myer to leave Lonsdale Street!

[comingsoon]

Originally Posted by Qantas743

...he was unable to tell me the future of the Lonsdale St bridge.

Let's hope it gets accidentally demolished. Good news that the 60s bridge on Lt Burke will remain tho.

[spin doctor]

let's just say the new myer head office will have some sensational interiors
and a pretty good base build too

[dockman]

What about the exteriors?

[The Olderfleet]

Originally Posted by Qantas743

I spoke to a friend today whose a quantity surveyor and he said that he will be starting work on the Myer project soon.

What he told me:

The dome is one of two options being considered for the roof, the other being a warehouse/factory style roof...but funky/arty etc.

Wow, thanks! Please keep us updated

I really like the dome idea personally... either way Myer is going to look a whole lot better soon!

As for the Lonsdale Street Pedestrian Skybridge, I am sure they'd be crazy to knock it down as it is a key link to Melbourne Central Shopping Centre and would add considerable value to the Myer Lonsdale site because of this, surely? As ugly as it is, I'm sure it won't be demolished for that reason.

[comingsoon]

Originally Posted by The Olderfleet

As for the Lonsdale Street Pedestrian Skybridge, I am sure they'd be crazy to knock it down as it is a key link to Melbourne Central Shopping Centre and would add considerable value to the Myer Lonsdale site because of this, surely? As ugly as it is, I'm sure it won't be demolished for that reason.

It'll look even more out of place shooting out of a revitalised funky new Myer though. Perhaps they could do it up a bit.

They should have put more thought into it when it was first built really. To have something so incongrous jutting out of one of the world's most architecturally important department stores defies logic.

[Qantas743]

Spoke to my friend again today whose working on the Myer redevelopment.

Unfortunately, it appears that they will not be going ahead with the glass dome but rather the second option I mentioned a few posts eariler, which is the "saw-tooth" factory/warehouse style roof. The reason is that the dome would cause the project to be over-budget.

He assured me that the void in the main building will be something spectacular and that the roof mentioned above will also look good however I am pretty pissed off that the dome will most likely AT THE MOMENT not be going ahead.

[A r c h i]

I'll believe it when it's confirmed.

[tayser]

Archibomber, you're too nice.

[A r c h i]

Planning Application should be available on the Council website in the next week or so.

[spin doctor]

is that doogie howser in your avatar? Lolz.

Vote 1 for the dome!!!

[A r c h i]

Worth a read:

http://www.melbourne.vic.gov.au/opm/...2_20070925.pdf

[Mesh22]

Originally Posted by Archibomber

Worth a read:

http://www.melbourne.vic.gov.au/opm/...2_20070925.pdf

NOT HAPPY about the demolition of the former Telecom Building. Its a 19th century Victorian office building. This isn't the 1970's boom.

For once a real historical building is under threat and you hear nothing. Maybe cause the NIMBY's are too concerned about the pile of corrigated iron they might loose at Central Pier.

I'm no killjoy but I hope it somehow is integrated with the development. It would look good to have it clashing with the modern facade (think GPO next door). It would create a very interesting streetscape around that block.

[auslankan]

What a difference a new management team can make.Myer is on the up!

Myer moves closer to float
http://www.theage.com.au/news/busine...486269248.html
September 25, 2007 - 3:18PM

Department store chain Myer Group has moved a step closer to a public float after posting a solid improvement in sales after only a year in private hands.

In its first full-year results under new ownership, Myer reported sales were up 3.6 per cent - or five per cent on a like-for-like basis - to $3.29 billion for 2007.

It is also forecasting sales growth to continue in the current financial year, in a range between 3.5 and 6.0 per cent, to between $3.4 and $3.5 billion.
In March last year, Coles Group Ltd sold Myer to a private equity consortium led by US company Newbridge Capital, an affiliate of TPG, for $1.4 billion.

Myer executive chairman Bill Wavish said there was no strict timetable for the company to be re-floated on the stock exchange.

''I think the result in some ways makes it closer,'' Mr Wavish told reporters after today's presentation.

''Obviously we're saying that the building blocks are not fully in place at this stage.

''They need to be put in place, and we're going to accelerate the growth of the business.''

Mr Wavish singled out the dramatic improvement in Myer's profit margin from 2.3 per in 2006, when it was still with Coles, to 5.5 per cent in its first year under private equity ownership.

Myer's earnings before interest and tax (EBIT) exceeded its last guidance at the half year, surging by 147 per cent to $180 million.

''This result gets us off the floor. We've got a way to go (before floating),'' Mr Wavish said.

Mr Wavish said it might be ''a couple of years'' but it wasn't necessary ''to harvest all of the financial benefits'' before re-floating the company.

''I think it's good if you can go and allow the initial investors into an IPO (initial public offer) to enjoy some of those financial outcomes,'' he said.

Myer chief executive Bernie Brookes focused on Myer's return of
5.5 cents EBIT for every dollar of sales, saying the chain had not achieved more than 4.9 cents in the dollar over the past 10 years.

Myer's guidance for fiscal 2008 is to achieve six cents EBIT in every dollar.

Mr Brookes compared Myer's profit margins with its upmarket rival David Jones, which hit 9.6 cents return for every sales dollar.

''Without throwing a wet blanket on things, it is important to note that our future is still about building the business,'' Mr Brookes said.

''It's a good achievement, but it still says that there is a long way to go. All it does is get us to an average level of profitability with a significant upside.''

Earnings before interest and tax for the 2008 financial year is expected to be between $205 million and $225 million, up 14 per cent to 25 per cent.

''We see no worsening or bettering of the competitive environment,'' Mr Brookes said.

Myer has also significantly revised upward its capital expenditure this year, more than doubling it to $150 million from its initial target of $72 million.

It will spend the same amount in the following two years as well.

''The increase that we've now announced with capital is a significant message to the market to say that we're in this to grow the business,'' Mr Brookes said.

An increasing proportion of the expenditure will be directed to new stores, with plans to expand the chain to 80 outlets after 2010 - five more stores than the previously announced target.

By 2010, $60 million of Myers' capital expenditure will go towards the six new stores Myer plans to open that year.

Myer this financial year also plans to install a new point-of-sale system, boost customer service, complete 90 per cent of its 101 Business Improvement Projects and complete its information technology separation from Coles.

Myer said it had signed former Miss Universe 2004 Jennifer Hawkins as the ''face of Myer'' for the next four years and had re-established the Myer Santa parade.

The fire that destroyed its Hobart store last weekend will reduce expected EBIT by around $1 million.

In the short term Myer hopes to get back into its Murray Street site in that city to continue trading and it may look to develop another Hobart site in the longer term.


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