Vicinity Takes Full Ownership of Brisbane’s Uptown Centre

A major redevelopment of Brisbane’s Uptown Centre is set to gain momentum after Vicinity Centres secured full control of the landmark Queen Street Mall asset, positioning the retail destination for a significant transformation ahead of the 2032 Olympic and Paralympic Games.

GALLERY

The shopping centre operator has acquired the remaining 75 per cent stake in the CBD complex from IFM Investors for $212 million, according to an announcement lodged with the Australian Securities Exchange (ASX).

The transaction follows a period of uncertainty for the centre after the departure of long-standing anchor tenant Myer and a prolonged ownership transition that stalled redevelopment plans.

Previously known as the Myer Centre, the asset has occupied a prominent position within Brisbane’s retail landscape for decades. However, following Myer’s exit, ambitions for a large-scale revitalisation were left in limbo as ownership interests changed hands after IFM Investors’ 2024 merger with ISPT.

With full ownership now secured, Vicinity has reaffirmed its commitment to accelerating the centre’s redevelopment, with plans estimated to cost up to $350 million. The company believes the asset is well positioned to benefit from growing retail activity, population growth and substantial infrastructure investment taking place across Brisbane in preparation for the 2032 Games.

In its ASX statement, Vicinity described Uptown as having “inherently strong growth potential” due to its existing and forecast trade performance, combined with broader investment across the city.

The company said full ownership would allow it to leverage its expertise in development delivery and leasing strategy while unlocking the asset’s long-term value. Central to its vision is the creation of a premium retail, dining and entertainment destination that draws inspiration from Melbourne’s highly successful Emporium precinct.

According to Vicinity, Brisbane CBD currently lacks a large-scale, full-price retail offering capable of attracting a broader mix of national and international brands. The redevelopment aims to address that gap while strengthening Queen Street Mall’s role as the city’s premier retail destination.

The acquisition also marks the latest chapter in the property’s ownership history. ISPT first acquired a 50 per cent stake in the then Myer Centre in 2012 for $366 million, valuing the asset at $732 million at the time.

As Brisbane continues its evolution ahead of the Olympics, Uptown’s revitalisation is expected to become a significant contributor to the city’s retail, hospitality and entertainment landscape.

Images via The Urban Developer