Myer plans to leave another prime CBD location just days after it ditched its Brisbane flagship store
- Myer announces plans to leave prime Adelaide location
- Store’s lease in Myer Centre due to end in July 2032
- Myer claims landlord hasn’t filled enough storefronts
Iconic Australian department store Myer could soon move out of its namesake centre in Adelaide after filing a lawsuit against its Singaporean landlord.
Myer sent property company YTL Starhill Global Real Estate Investment Trust a notice of arbitration earlier this week claiming it has the right to end its lease.
The department store claims YTL has let the Myer Centre in Adelaide disintegrate from its former glory with several stores in its upper levels standing empty.
The Adelaide Myer Centre was one of Australia’s most iconic shopping hubs when it was opened by then-South Australian premier John Bannon on June 3, 1991.
It was one of the most expensive buildings ever constructed at the time, costing $570million – more than $1billion in today’s money, the Adelaide Advertiser reports.
Myer is looking to end its lease at the Adelaide Myer Centre more than 10 years before its termination date (pictured is a Meter store at Bourke Street Mall, Melbourne)