Hobart Myer site for sale

The former Myer department store site in central Hobart is to be sold.

The Retirement Benefits Fund was hoping to redevelop the burnt-out site but says the $200 million plan is no longer viable.

The Fund's Chief Executive, Simon Gillies, says it couldn't proceed because the site's neighbouring property group, Centro, pulled out of the redevelopment last year.

"Unfortunately, none of the design options for the Myer site meet the RBF board's short or long-term investment parameters," he said.

"Put simply, the redevelopment does not stack up, which is a great disappointment for many of us."

The tenanted Myer building on Murray Street will also go on the market.

... read original article
Fri 3rd July 2009 - 03:34pm