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Champagne Socialist
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originally posted by nagelixin & archibomber



Melbourne's best retail address is about to get a while lot better
Myer is proud to unveil the inspirational transformation of its iconic Bourke Street store.
Scheduled to be completed by the end of 2009, the new Myer Melbourne will feature:
A state-of-the-art shopping environment, inspired by some of the world’s great retailers in London, New York and Paris;
An awe-inspiring glass-domed cultural centre, featuring fine dining, fashion parades, and other events;
Retention of the classic Myer windows in their current form;
Enhancement of the heritage-listed Mural Hall;
Retention of more than 90% of the existing retail floor space; and
Environment-friendly features, such as water harvesting and extensive natural light and ventilation.
It will be business-as-usual as we count down to December 2009, and you’ll notice some changes along the way.
But some things won’t change.
The same friendly staff will be providing the renowned Myer service every step of the way!

http://www.theage.com.au/news/Busin...ment-progresses/2007/06/21/1182019273876.html

Myer site redevelopment progress
June 21, 2007 - 6:34PM

A group made up of Colonial First State Retail Property Trust, GIC Real Estate and the Myer Family Company Ltd has won the exclusive right to negotiate over the purchase and redevelopment of the Myer site in Melbourne.

The Myer Melbourne store, on Bourke St and Lonsdale St in the centre of the city, has been the object of a tug-of-war between the CFS consortium and property developer Lend Lease Corp Ltd - the last two parties vying to snap up the iconic retail property.

The consortium's proposal, which will form part of negotiations with Myer Pty Ltd, involves the complete restoration and refurbishment of the Bourke St store.

The store will then be leased back to Myer.

http://www.news.com.au/heraldsun/story/0,21985,21945672-5005961,00.html

Historic store revamp under sale deal

By Jamie Duncan

June 21, 2007 07:55pm
RETAILER Myer's historic Bourke Street department store in Melbourne will undergo a multi-million dollar refurbishment, but its hold on the neighbouring Lonsdale Street store will end after more than 70 years under a new sale deal.

A consortium comprising the Colonial First State (CFS) Property Trust, GIC Real Estate and the Myer Family Company will buy the Bourke Street and Lonsdale Street sites from Myer Pty Ltd.

Myer Pty Ltd will then lease back the Bourke Street site, which will be redeveloped for the retailer by 2009.

The project includes a domed cultural centre; retention of the Bourke Street windows, home to Myer's traditional Christmas window display; enhancement of the mural hall and green initiatives such as water harvesting and the extensive use of natural light and ventilation.

The store will be extended into a neighbouring building in Bourke Street, now occupied by Telstra.

Administration offices housed at Lonsdale Street would be shifted off-site.

Myer chief executive Bernie Brookes said the new Bourke Street store would have 42,000sq m of retailing space, only 4000sq m less than the present Bourke and Lonsdale street sites combined.

Building work would be staggered to minimise inconvenience to shoppers, Mr Brookes said.

“This will be a retail experience and a shopping environment that Australia has never seen before,” he said.

“Myer Melbourne is the flagship store for our company and an icon in Melbourne.

“The commitment of Myer to this city remains steadfast, as reflected by the extended lease we are signing.”

Myer has occupied the Bourke Street store since 1914. The first stage of its Lonsdale Street premises opened in 1926.

The Myer chain was established by Russian immigrant Sidney Myer, who opened his first shop in the Victorian goldfields city of Bendigo in 1900.

The retailer became part of the Coles Myer conglomerate in the 1980s and remained so until it was sold to a consortium, which included the Myer Family Company, a year ago.

The CFS Property Trust has a large portfolio of retail complexes including the Chadstone and Chatswood Chase shopping centres in Melbourne and Sydney, and Brisbane's QueensPlaza.
 

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Myer sale pays for privateers
http://www.theaustralian.news.com.au/story/0,20867,21946625-643,00.html

* Turi Condon, Property editor
* June 22, 2007

PRIVATE equity group Newbridge Capital looks set to reap a startling $300 million profit on the sale of the iconic Melbourne Myer store, just a year after it helped to buy the Myer department store chain out of the languishing Coles Myer empire.

The trophy site, which will be redeveloped over the next two years and reopened in 2009 after a $1.2 billion revamp, was yesterday bought by the Commonwealth Bank's retail property trust and giant Singapore investor GIC for a record-breaking price of almost $600 million.

The revamp will see the structure, whose facade will remain, backed by buildings designed like wrapped parcels and a giant glass dome above the historic Bourke Street emporium, in a project to be developed over five years.

The Commonwealth Bank's $4.8 billion CFS Retail Property Trust, in which Melbourne billionaire John Gandel has a 20 per cent stake, and its partners beat development heavyweight Lend Lease in the final round of bids, and exclusive negotiations are expected to be finalised in two to three weeks. The agreement was signed late yesterday afternoon.

The sale price shot up from over $500 million in the first round of bidding run by agent CB Richard Ellis.

Coles finally raised the white flag on the department store chain last year, selling it to Newbridge and the founding Myer family (which has about 8 per cent) for $1.4 billion.

Newbridge is thought to have paid as much as $300 million of the purchase price for the site, valued at $200 million two years ago. It was unsuccessfully offered for sale last year.

The CFS trust became the front runner in recent weeks, with the deal believed to hinge on Myer not losing income by trading thoughout the development process.

Myer will move into the new 42,000sqm Bourke Street store when it is completed in late 2009. The balance of the development of the new Lonsdale Street buildings, intersected by Melbourne-style laneways, then gets under way in earnest.

Darren Steinberg, head of listed property for the Commonwealth Bank's Colonial division, flew to Singapore this year to tempt that Government's real estate head Seek Ngee Huat to join its bid.

Yesterday, Mr Steinberg said Colonial had forged strong relationships in the investment community and, with its partners, would deliver an impressive building with an end value of $1.2 billion.

GIC, which manages more than $100 billion of foreign reserves - about 10 per cent invested in real estate - is already a big investor in Australian property, paying $717.5 million for a half-stake in Westfield's Parramatta shopping centre last month.

Myer is expected to account for 40 per cent of the income of the new development, leasing the Bourke Street store for up to 20 years.
 

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Looks alright to me but yeah, renders tell little and so very early days. I went to Myer recently and I was pleasantly suprised by what felt like an improvement in staff again. They seemed like they knew what they were doing and were quite professional and eager to help. :cheers:
 

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Looking forward to this furturistic development .It should kill DJs next door for ambience and comfort.
 

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Myer would not have sold it to them if they felt that it would have a derogatory effect on their business. I guarentee, this will not be a "spend as little as possible" development.
 

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http://www.theage.com.au/news/busin...g-the-old-store/2007/06/21/1182019283556.html

From The Age

Myers pop up in consortium buying the old store
Michelle Draper and Ben Schneiders
June 22, 2007

THE Myer family has emerged as a surprise part of the consortium buying the Bourke Street department store that its forbears founded nearly 100 years ago.

The consortium is believed to be paying more than $550 million for the historic buildings on Bourke and Lonsdale streets.

That price, although still under negotiation, will exceed initial expectations that they would sell for about $400 million.

The Myer Family Company has joined forces with Colonial First State Retail Property Trust and GIC Real Estate to buy the site.

The parties have now entered into exclusive negotiations with Myer Pty Ltd to finalise the deal, which could take another two to three weeks.

The Myer Family Company is also a shareholder in Myer Pty Ltd. Myer chief executive Bernie Brookes said Myer family representatives sat out board discussions on the deal, under which the department store's operator would lease back the Bourke Street store for 60 years.

The consortium intends that Myer lease the building during redevelopment that is expected to take five years.

Work will be undertaken to restore the heritage facade of the Bourke Street store, refurbish the Mural Hall and preserve the windows lining Bourke Street.

A dome the size of a giant football field that could rise as high as 10 metres is to be built on the roof of the Bourke Street store. It will be used for fashion parades, as a cultural centre and as a food precinct.

Under the consortium's plan, the facade of the Lonsdale Street building will be retained but the building will be broken up into five separate buildings reaching up to 10 storeys high, connected via a series of laneways.

CFS Retail Property Trust fund manager Michael Gorman said the Lonsdale Street redevelopment would include two to three levels of shops, with offices and either a hotel or apartments above.

"I think it will be a really innovative development and it's something really only Melbourne can offer," he said.

Mr Gorman spruiked the trust's retail credentials and existing Melbourne portfolio as evidence it was well placed to reposition the sought-after asset.

He said about 60 per cent of CFS Retail Property Trust's assets were in Melbourne, including Chadstone, Northland and Bayside (Frankston) shopping centres. "We know Melbourne and the Myer family knows Melbourne," he said.

The sale of the Myer buildings, announced in March, led to a who's who of Australian property developers and fund managers mounting competitive campaigns to acquire the assets.

Those that missed out included Lend Lease, GPT, ISPT and AMP.

The Myer retail chain and its central Melbourne property assets were sold by the former Coles Myer last year for $1.4 billion to a consortium that included US-based Texas Pacific Group and the Myer family.
 

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^^ I agree.
And with regards to Queens Plaza, yes, its ok...i was actually shocked at how small the place was.

Anyway, enough about Brisbane...this should be a good addition to Melbourne's shopping venues. Its the hub of the country with regards to shopping.
 

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I'm going to wait for some better pics before I make up my own mind. Currently it looks like a heap of presents with a giant glass easter egg, and if that is the case it will look crap. Still have high hopes though as I doubt Myer would be that stupid.
 

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Going by that pic with the escalators in it, it looks like they might have to gut part of the interior? I have no idea how they intend to do this because the requirement was a refurbishment while still keeping the store open for trade.

They should get some of those curved escalators though. That would be cool. I thought it said on the radio they were going to.

I didn't read through all the articles but anyone know the architects who came with this?
 

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I'm going to wait for some better pics before I make up my own mind. Currently it looks like a heap of presents with a giant glass easter egg, and if that is the case it will look crap. Still have high hopes though as I doubt Myer would be that stupid.
Myer Bourke Street is an instutional melbourne building which has been basically run into the ground. Rather than properly taking care of the facade the whole thing has literally just been covered with white paint as a low maintainence cop-out. Glass dome, and reconstruction of the lonsdale street/little bourke side are secondary extras (imho) to the restoration of this historical department store.

The restoration of the facade from the mess below will be a investment in Melbourne for decades to come.

 

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I think it is great that they will refurbish the Art Deco Facade and restore the windows...that painted Bourke St facade looks like a discount store at present. The glass dome and interior mods should lift the whole store into the 21st. century while maintaining history...Myer is such a big part of that in Melbourne..to hear this should be completed during 2009 seems fast by our usual standards???..it's almost July 2007 already!!!!
 

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Looks pretty cool. Not sure what to make of the presents thou. I guess they can go for a pompidou like look which would fit right in Melb. It's great to see so many of the shopping districts getting upgrades.
 

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i dont like it, looks like an easter egg with a cross on it. I do like the colourful presents behind it though... 2 me the egg looks like its stuck on, like on its own the glass egg might look cool, but it looks like a cool idea just stuck onto a building.. its abit 2 gimicky.. however i will reserve my final judgement till i see more renders.. but seriously its a flagship store it should be classy, not a combination of what is currently "in" stuck together in hope of a good design
 
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