Allans Music and Billy Hyde’s Sydney flagship stores will continue trading in their current locations after being leased by Australian Musical Imports.
The three sites are located in the Sydney CBD, Parramatta and Alexandria.
Managing director Peter Karam from Ray White Commercial Parramatta negotiated the deal.
Australian Musical Imports (AMI) successfully purchased the bulk of Allans Music and Billy Hyde’s failed assets earlier this month.
These include the trading names Allans Music and Billy Hyde, Allans Billy Hyde, Australian Music Group, Musiclink and Intermusic.
“AMI confirmed when it successfully purchased Allans Music and Billy Hyde that their flagship stores would continue trading,” says Karam.
The 1,200-square metre outlet at 108 Botany Road Alexandria has been leased for three years with an annual rent of $190,000.
The 1,300-square metre Sydney CBD site at 228 Pitt Street - located in a character building close to The Hilton - secured a five-year lease.
And the 1,500-square metre outlet at 1/197 Church Street Parramatta has been leased for three years.
The company collapsed earlier this year, after an injection of capital failed to save the business and investors called in receivers.
Allans Music and Billy Hyde closed a total of 27 stores nationally.
“It’s another positive for these businesses that the new owners have secured new leases from their Sydney premises,” Karam says.