$151.3 million stake purchased in Myer Melbourne on Bourke Street Mall
Staff ReporterDecember 7, 2020
TH Real Estate has agreed to purchase a one-third interest in the Myer Melbourne store in Bourke Street Mall for $151.3 million on behalf of TIAA.
The sale was negotiated off-market by JLL’s Simon Rooney on behalf of Myer family Investments.
The building is under 40,000 square metres over nine floors with 61.40 metre frontage to Bourke Street Mall. It has operated as a department store since 1914.
JLL’s Head of Retail Investments – Australasia, Simon Rooney said the sale of Myer Melbourne continues the trend of very significant yield compression for core CBD assets, with the transaction recording a yield of just over 4.50 percent.