Andrew Myer to Reap $55 Million From The Well Shopping Centre, Camberwell

ANDREW Myer has decided to sell his Camberwell shopping centre, The Well.
 
The son of late philanthropist Ken Myer and grandson of Myer department store founder Sidney Myer, can expect to make about $55 million for the 9,240 square metre centre.
 
The Well opened eight months ago and includes about 30 speciality shops, a 1,202 square metre JB Hi Fi and a 2,812 square metre Coles supermarket.

Jones Lang LaSalle’s David Bowden and Simon Rooney are marketing the fully leased asset, which returns $4.3 million per annum. A speculated sale price of about $55 million would equate to a yield of about 7.8 per cent.
 
The Well is the second major suburban strip-based shopping centre to come to the market recently.
 
After months of speculation, Challenger put its Jam factory centre in South Yarra on the market four weeks ago, with a price tag of about $110 million.

Mr Myer recently sold a suburban bulky goods store for about $10 million, and has listed for sale a portfolio of three office suites for about $3 million.