Myer sells historic store
Myer Group has sold a historic store with a leaseback.
Following a campaign launched last October, which found a buyer in January who settled in May, the retail giant banked $7 million for 146-164 Macquarie Street, in the heart of Dubbo.
It priced the property at $4.3m in 2006 when ownership was transferred from Coles Myer.
Stonebridge’s Alex James-Elliott and Steve James were the agents.
Development upside
Developed for Western Stores in 1929, penned by Robertson & Marks, Myer has occupied 146-164 Macquarie St since the 1960s.
With 5737 square metres, on 1.11 hectares with 166 car parks, it is the region’s only Myer store.
Zoned E2 Commercial Centre, which allows high-rise residential, the agents marketed the development upside.
The site has 60 metres Macquarie St frontage they added.
The buyer is a local private investor.
Dubbo is about 400 kilometres north west of Sydney.
Three major regional highways intersect there – the Mitchell, Newell and Golden.
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