December 20, 2025 — 6:00am
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Brisbane’s lord mayor is so concerned about the current condition of the old Myer Centre – now known as Uptown – he wrote to its owners.
Adrian Schrinner wrote to the chair of Vicinity Centres, which owns a 25 per cent stake in Uptown, expressing what many of his constituents felt about the giant hole that opened up when Myer left in July 2023.
For years, the building and its flagship department store were at the heart of activity during the busy summer shopping period. But as another Christmas approaches, Myer is still searching for a new home in Brisbane’s CBD, and Uptown feels like a ghost town.
A quiet place to sit: The upper levels of the old Myer Centre, now called Uptown, are largely empty. Courtney Kruk
“I am writing to raise concerns regarding the current condition and future direction of the former Myer Centre, now known as Uptown,” the August 4 letter begins.
“When plans were first announced to rebrand and redevelop the site, there was considerable optimism among the business community and the public that Uptown would be reinvigorated to meet the growing needs and expectations of city residents, workers, and visitors.
“However, it is increasingly clear that the broader transformation originally envisaged has not yet been realised.
“The site still lacks the vibrancy and amenity expected of such a significant address in one of Australia’s busiest pedestrian malls, and this continues to impact the overall health and appeal of the Queen Street Mall.”
Schrinner asked to meet with Vicinity to discuss its plans.
Days later, Uptown’s majority owner – superannuation property group ISPT, which recently merged with IFM Investors – formally announced it was selling its 75 per cent stake in the maligned retail centre, following rumours it had been quietly shopping around its share for a year.
ISPT bought a 50 per cent stake in the Myer Centre from CFS Retail Property Trust for $366 million in 2012. It purchased another 25 per cent from Vicinity four years later.
Boarded up shopfronts in the Uptown centre.Courtney Kruk
While Uptown is filled with boarded-up storefronts, short-term pop-up stores and an unusual collection of places hosting art workshops, both of its current owners have key interests at the opposite end of the Queen Street Mall.
ISPT is heavily focused on a two-year redevelopment of the Wintergarden and the neighbouring Harry Seidler-designed Elizabeth Street tower long occupied by the Hilton Hotel, now branded as Intercontinental Brisbane.
Vicinity also owns Queens Plaza, the home of David Jones’ flagship Brisbane store and luxury brands including Dior and Chanel.
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The meeting between Schrinner and Vicinity went ahead, although neither party would reveal what was discussed.
Vicinity has maintained it remains committed to a $400 million redevelopment of Uptown. At one point, it was suggested this would include an aquarium, escape rooms, an arcade, a laser tag arena, and even an indoor ski-field.
The company would not comment on Schrinner’s letter when approached by this masthead, pointing to a potential $200 million offer from HMC Capital to buy ISPT’s share in Uptown.
ISPT also declined to comment.
Listed funds manager HMC has entered into due diligence to acquire the 75 per cent stake, but an industry source, who requested not to be named, expected Vicinity would exercise its pre-emptive right to acquire the interest.
Once a bustling retail hub in the heart of the city, Uptown now features multiple levels of boarded up shopfronts. Courtney Kruk
In its latest financial report, Vicinity listed a planned $100 million “Myer replacement” at Uptown in its development pipeline, although it was not scheduled until the latter part of 2027.
It values Queens Plaza at $735 million, while Uptown is valued at $68.8 million, despite being the largest complex on the mall with 63,025 square metres of retail floor space.
With the future of its old home under a cloud, Myer is still shopping for a new place to land in the CBD.
The department store giant vacated Queen Street in July 2023 after 35 years in its eponymous retail centre, following a falling out with ISPT and Vicinity.
The Myer Centre was once the cornerstone of Brisbane’s CBD shopping precinct. Felicity Caldwell
The landlords wanted to increase the rent, while Myer wanted to economise its footprint. When a compromise could not be reached, Myer walked away.
Speculation that Myer would take over prime space on Queen Street Mall vacated by Swedish retailer H&M in September this year was just that.
According to industry sources, who spoke on condition of anonymity, Myer briefly assessed the option, but found it was inadequate as it lacked enough floor space for a ground-floor beauty hall and Myer’s numerous departments.
A Myer spokesman said the retailer was “regularly assessing potential sites” in Brisbane’s CBD and any future store would need to consider location, size, and its wider capital expenditure program.
“Queensland, and particularly the south-east region of the state, are a key market for our business, given its strong population growth,” the spokesman said.
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