Brisbane, December 20, 2025 — The future of Brisbane’s central business district (CBD) hangs in the balance as Lord Mayor Adrian Schrinner expresses grave concerns over the condition of the former Myer Centre, now rebranded as Uptown. In a letter to Vicinity Centres, a key stakeholder, Schrinner voiced what many locals have felt since Myer’s departure in July 2023 left a significant void in the heart of the city.
Once a bustling hub during the summer shopping frenzy, the building now stands as a stark reminder of lost vibrancy. As Christmas approaches, Myer continues its search for a new location in Brisbane’s CBD, while Uptown struggles to shed its ghost town image.
The Heart of the City in Transition
The letter, dated August 4, opens with a direct appeal from Schrinner: “I am writing to raise concerns regarding the current condition and future direction of the former Myer Centre, now known as Uptown.” The Lord Mayor’s concerns echo the sentiments of business owners and residents who once anticipated a revitalized Uptown that would cater to the evolving needs of city dwellers and visitors alike.
However, as Schrinner pointed out, the ambitious transformation initially promised has yet to materialize. “The site still lacks the vibrancy and amenity expected of such a significant address in one of Australia’s busiest pedestrian malls,” he wrote, highlighting the broader impact on Queen Street Mall’s overall appeal.
Ownership Changes and Redevelopment Plans
Days after Schrinner’s letter, ISPT, Uptown’s majority owner, announced it was selling its 75 percent stake in the property. This move followed persistent rumors of ISPT quietly seeking buyers for its share over the past year. The superannuation property group, which merged with IFM Investors, had acquired its stake in stages, beginning with a 50 percent purchase from CFS Retail Property Trust in 2012 for $366 million, followed by an additional 25 percent from Vicinity four years later.
Meanwhile, Uptown remains a patchwork of boarded-up storefronts, temporary pop-up shops, and eclectic venues hosting art workshops. Both ISPT and Vicinity have vested interests at the opposite end of the mall, with ISPT focusing on redeveloping the Wintergarden and the adjacent Elizabeth Street tower, and Vicinity owning Queens Plaza, home to high-end brands like Dior and Chanel.
Future Prospects and Market Dynamics
The meeting between Schrinner and Vicinity took place, though details remain undisclosed. Vicinity has reiterated its commitment to a $400 million redevelopment of Uptown, which at one point included ambitious plans for an aquarium, escape rooms, and even an indoor ski-field. However, the company declined to comment on Schrinner’s letter, instead highlighting a potential $200 million offer from HMC Capital to acquire ISPT’s stake.
HMC has entered due diligence for the acquisition, yet industry insiders suggest Vicinity might exercise its pre-emptive right to buy the interest. In its financial reports, Vicinity has earmarked a $100 million “Myer replacement” for Uptown, slated for late 2027.
Vicinity values Queens Plaza at $735 million, while Uptown, despite its size, is valued at $68.8 million.
Myer’s Search for a New Home
As Uptown’s future remains uncertain, Myer continues its quest for a new location in the CBD. The department store left Queen Street in July 2023 after a 35-year tenure, following a dispute with ISPT and Vicinity over rent increases. Speculation about Myer occupying the space vacated by H&M on Queen Street Mall has yet to materialize.
The situation underscores the challenges facing Brisbane’s retail landscape, where high stakes and shifting market dynamics dictate the future of key commercial spaces. As stakeholders navigate these complexities, the outcome will inevitably shape the city’s economic and cultural fabric.
For now, Brisbane’s residents and business community await the next steps in Uptown’s saga, hopeful for a resolution that restores the vibrancy once synonymous with this central location.
