Key Takeaways
- Brisbane’s lord mayor, Adrian Schrinner, has expressed concerns about the current condition of the old Myer Centre, now known as Uptown, in a letter to its owners.
- The building has been largely empty since Myer left in July 2023, and the city is feeling the impact of its absence, particularly during the busy summer shopping period.
- Uptown’s majority owner, ISPT, has announced it is selling its 75% stake in the retail centre, with listed funds manager HMC Capital entering into due diligence to acquire the stake.
- Vicinity, which owns a 25% stake in Uptown, has maintained its commitment to a $400 million redevelopment of the site, but the future of the project remains uncertain.
Introduction to the Issue
The old Myer Centre, now known as Uptown, has been a topic of concern for Brisbane’s lord mayor, Adrian Schrinner, who has written to its owners to express his worries about the current condition and future direction of the building. The centre, which was once the heart of activity during the busy summer shopping period, has been largely empty since Myer left in July 2023. The absence of the department store giant has had a significant impact on the city, and Schrinner’s letter highlights the need for urgent action to revitalize the site.
The Current State of Uptown
The current state of Uptown is a far cry from its former glory days. The building is filled with boarded-up storefronts, short-term pop-up stores, and an unusual collection of places hosting art workshops. The upper levels of the building are largely empty, and the site lacks the vibrancy and amenity expected of such a significant address in one of Australia’s busiest pedestrian malls. The impact of Uptown’s decline is being felt across the city, with the overall health and appeal of the Queen Street Mall suffering as a result.
The Owners’ Plans
Uptown’s majority owner, ISPT, has announced it is selling its 75% stake in the retail centre, with listed funds manager HMC Capital entering into due diligence to acquire the stake. Vicinity, which owns a 25% stake in Uptown, has maintained its commitment to a $400 million redevelopment of the site. However, the future of the project remains uncertain, and it is unclear what plans Vicinity has for the site. The company has listed a planned $100 million "Myer replacement" at Uptown in its development pipeline, although it is not scheduled until the latter part of 2027.
The Future of Myer
Myer, the department store giant, is still searching for a new home in Brisbane’s CBD. The company vacated Queen Street in July 2023 after 35 years in its eponymous retail centre, following a falling out with ISPT and Vicinity. Myer is still assessing potential sites in the CBD, but any future store will need to consider location, size, and its wider capital expenditure program. The company has stated that Queensland, and particularly the south-east region of the state, are a key market for its business, given its strong population growth.
The Impact on the City
The decline of Uptown and the absence of Myer are having a significant impact on the city. The Queen Street Mall, once a bustling retail hub, is now feeling the effects of the empty storefronts and lack of activity. The city’s reputation as a vibrant and bustling retail destination is suffering, and it is unclear how long it will take for the city to recover. The lord mayor’s letter and the owners’ plans for the site are a step in the right direction, but it will take time and effort to restore Uptown to its former glory.
Conclusion
The future of Uptown and the Queen Street Mall remains uncertain, but it is clear that something needs to be done to revitalize the site. The lord mayor’s letter and the owners’ plans are a step in the right direction, but it will take time and effort to restore the site to its former glory. The city is waiting with bated breath to see what the future holds for Uptown and the Queen Street Mall, and it is hoped that the owners will take the necessary steps to ensure the site remains a vibrant and bustling retail destination.
