Dubbo’s retailing icon of Macquarie Street is promising to continue trading in the city despite the listing of its premises for sale.
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The Dubbo Myer building is on the market along with stores in Bendigo and Wagga Wagga.
But the retailing giant says it will lease back the buildings after their sale for a period of at least 15 years.
Refurbishment is also on the company’s agenda as it seeks expressions of interest through agent CB Richard Ellis.
Myer dismissed the drought and the threat of a retail recession when confirming its plans for Dubbo to the Daily Liberal.
“The decision to sell and lease back our Dubbo store is the result of long-term planning which has already taken into account fluctuations in the economy,” a spokesperson said.
“The Dubbo property will be sold in a manner that will allow trading as usual at the store and Myer’s presence in this key regional area will not change.
“Our intention is to retain a presence in Dubbo via a 15-year lease, with three five-year options.”
Myer, the spokesperson said, was a $3 billion-a-year business that was moving towards “80 stores across the country”.
“Myer has a longstanding commitment to trading in regional Australia-around 20 per cent of our stores, including Dubbo, are located in regional Australia,” she said.
The sale of the Dubbo, Bendigo and Wagga Wagga properties will divest Myer of its remaining freehold property as part of a strategy favouring leasehold.
The Daily Liberal understands that together the three stores could rake in more than $50 million.
Interested buyers throughout Australia are being invited by advertisements in publications such as the Australian Financial Review to submit EOI by August 21.
“As part of the sale arrangement we will seek to negotiate detailed refurbishment arrangements for our Dubbo store,” the spokesperson said.
The advertisements state that the stores are strong performers and tempts buyers with “guaranteed rental growth per annum”.
“Throughout the sale process, the message to all our customers is that it’s business as usual at Myer Dubbo,” the spokesperson said.
“Myer customers will continue to have full access to the unique range of national, international and exclusive to Myer brands.
“There will be no reduction in floor space at any of the stores.”
