Lord Mayor Adrian Schrinner reveals concerns about Brisbane’s former Myer Centre in letter to Vicinity
Brisbane’s Mayor is so concerned about the current state of the former Myer Center (now known as Uptown) that he wrote a letter to its owners.
Adrian Schrinner wrote a letter to the chairman of Environmental Centers, which owns a 25 percent stake in Uptown, expressing how many of his constituents feel about the huge hole left by Myer’s departure in July 2023.
For years, the building and its flagship store were at the center of activity during the busy summer shopping period. But as another Christmas approaches, Myer is still looking for a new home in Brisbane’s CBD, with Uptown feeling like a ghost town.
“I am writing to express concerns regarding the current condition and future direction of the former Myer Centre, now known as Uptown,” the letter, dated August 4, begins.
“When plans to rebrand and redevelop the site were first announced, there was significant optimism among the business community and public that Uptown would be revitalized to meet the growing needs and expectations of city residents, workers and visitors…
“However, it is becoming increasingly clear that the broader transformation originally envisaged has not yet occurred.
“The site still lacks the vitality and amenity expected of such a prominent address in one of Australia’s busiest pedestrian shopping centres, and this continues to impact on the overall health and attractiveness of Queen Street Shopping Centre.”
Schrinner asked to meet with Vicinity to discuss his plans.
Days later, Uptown’s majority owner, retirement property group ISPT, which recently merged with IFM Investors, officially announced it would sell its 75 percent stake in the ill-fated retail center after a year of rumors that it had been quietly buying up its stake.
ISPT acquired a 50 percent stake in Myer Center from CFS Retail Property Trust in 2012 for $366 million. Four years later, he bought another 25 percent stake in Vicinity.
While Uptown is filled with a collection of unusual spaces that host boarded-up storefronts, short-term pop-up shops and art workshops, both current owners have significant interests at the other end of the Queen Street Mall.
ISPT is focusing heavily on the two-year redevelopment of the Winter Garden and the neighboring Harry Seidler-designed Elizabeth Street tower, long occupied by the Hilton Hotel and now called the Intercontinental Brisbane.
Vicinity also owns David Jones’ flagship Brisbane store and Queens Plaza, home to luxury brands such as Dior and Chanel.
The meeting between Schrinner and Vicinity continued, but neither party disclosed what was discussed.
Vicinity remains committed to the $400 redevelopment of Uptown. At one point it was suggested that this would include an aquarium, escape rooms, arcade, laser tag arena and even an indoor ski area.
The company did not comment on the Lord Mayor’s letter, which hinted at a potential $200 million bid from HMC Capital to buy ISPT’s stake in Uptown, when reached by this imprint.
ISPT also declined to comment.
Listed fund manager HMC did due diligence to buy the 75 per cent stake but an industry source, who requested anonymity, expected Vicinity to exercise its right of first refusal to buy the stake.
In its last financial report, Vicinity listed a planned $100 million “Myer replacement” in Uptown in its development pipeline, but that wasn’t scheduled until the second half of 2027.
Queens Plaza is valued at $735 million, and Uptown is valued at $68.8 million, despite being the largest complex in the mall with 63,025 square feet of retail space.
With the future of his old home uncertain, Myer is still shopping for a new place to settle in the CBD.
The department store giant vacated Queen Street in July 2023 after 35 years at the eponymous retail centre, following a dispute with ISPT and Vicinity.
While landlords wanted to increase the rent, Myer wanted to save on its footprint. When a compromise could not be reached, Myer walked away.
This was precisely the speculation that Myer would take over the prime space at Queen Street Shopping Centre, which was vacated by Swedish retailer H&M in September this year.
Myer briefly considered the option but found it inadequate because there was not enough floor space for the ground-floor beauty salon and Myer’s numerous departments, according to industry sources who spoke on condition of anonymity.
A Myer spokesman said the retailer “regularly evaluates potential sites” in Brisbane’s CBD and any future store would need to take into account its location, size and wider capital expenditure programme.
“Queensland, and particularly the south-east region of the state, is a key market for our business given strong population growth,” the spokesman said.
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