Myer’s flagship department store on Bourke Street Mall in Melbourne could be sold for $450M, bringing the property under a sole owner.
Operating since 1914, the nine-level flagship store has a multi-ownership model comprising Abacus Property Group, Vicinity Centres and Charter Hall. Despite having the second-largest stake in the property, Vicinity is understood to manage the site.
However, in news broken by The Australian, investment firm Forza Capital is lining up to acquire sole ownership of the property.
This interest would see the property’s value return to the $450M mark for the first time in 10 years, when the Myer family sold its one-third stake to TH Real Estate for $151.3M.
In 2021, a two-thirds ownership stake in the 40,000sq m complex was sold for $270.4M to Abacus and Charter Hall, valuing the site at just over $400M, representing an approximately 11 per cent drop in value over five years.
