The sale of the Uptown shopping centre in Brisbane’s Central Business District (CBD) is set to revitalize one of the city’s prime retail locations. On February 18, 2026, Vicinity Centres announced that it would acquire the remaining interest in the former Myer Centre from IFM Investors for $212 million, excluding stamp duty. This acquisition follows Vicinity’s existing 25 percent stake in the complex, and the deal is expected to be finalized by April 2026, with the takeover completion planned for June.
Uptown, situated on Queen Street Mall, has experienced a decline in tenant activity since the departure of key retailer Myer in 2023. The shopping centre is recognized for its prominent location, making it a significant asset in Brisbane’s retail landscape. In a public statement to the Australian stock exchange, Vicinity Centres elaborated on its vision for the site. The redevelopment plan aims to introduce a blend of fashion, dining, technology, leisure, and entertainment stores, drawing inspiration from the Emporium in Melbourne’s CBD, which features high-end brands such as Ralph Lauren and Chanel.
Future Development Plans
Vicinity Centres highlighted the historical significance of Uptown as a landmark retail asset, stating, “Uptown is a landmark retail asset with a long history and deep connection to Brisbane’s retail identity.” The company also emphasized the site’s potential for growth, attributing it to the extensive trade area and upcoming state-led infrastructure projects aimed at enhancing connectivity in Brisbane in preparation for the 2032 Olympic Games.
The redevelopment is projected to cost between $300 million and $350 million, with funding expected to come from debt and the sale of other assets. Vicinity Centres expressed confidence in its strategy, noting the current gap in large-scale, full-price retail offerings in the CBD. The planned completion date for the redevelopment is set for 2029.
This significant investment reflects a broader commitment to revitalizing Brisbane’s retail sector, aiming to transform Uptown into a bustling hub that meets the evolving needs of consumers. As plans unfold, the community can expect a renewed shopping experience in one of the city’s most strategically located areas.
