Myer has announced that it will not renew its lease in the landmark Queen Street Mall shopping centre that bears its name.
The move paves the way for a possible large-scale redevelopment of the centre, which would transform the retail experience for the dominant Queen Street Mall site.
Since its opening in 1988, the Myer Centre has been a prominent fixture in the mall, offering a suburban-like retail experience and boasting small to large stores, with Myer itself being the largest followed by Target, Event Cinemas and Coles.
In 2019, BrisbaneDevelopment.com published an article listing Brisbane’s top 5 iconic development sites of 2019 to watch.
The Myer Centre redevelopment was featured on this list as the third most significant project. The article highlighted the centre’s dominant position in the Queen Street Mall since its opening in 1988 and its potential for transformation with a long-overdue redevelopment.
“An immersive, high-density mixed-use development which revolutionises the idea of shopping into an experience-based precinct. At its core, an elevated platform would fill the air with music and dance, with surrounding towers playing host to onlooking bars and restaurants.”
“Retail would rise vertically from the lower levels of buildings. Gone are the days of large format department stores, with retail taking smaller formats.” – BrisbaneDevelopment.com
The article speculated on the potential options for the centre, including downsized contemporary retail stores, live music, restaurants and bars as well as possible new towers to rise up.
Vicinity and ISPT, the co-owners of the centre, confirmed in a statement that Myer had rejected an offer to relocate to a smaller area. They also added that they were exploring various options for the centre, which included the possibility of a contemporary department store with reduced floor space or plans that did not involve a department store.
“We look forward to delivering a reimagined destination in the heart of Brisbane’s evolving CBD and anticipate sharing our plans shortly.” – Vicinity & ISPT
According to the CEO of Myer, John King, the company will be searching for a new location in the CBD as it was unable to reach a favorable commercial agreement with the landlord. However, he also mentioned that Myer remains dedicated to serving the Brisbane market.
Brisbane’s Lord Mayor Adrian Schrinner suggests that the present time is an ideal moment for the owners of the shopping centre to reimagine and revamp one of Queensland’s top retail destinations.
“Myer first opened at its current location just before Expo ‘88 and with the Brisbane 2032 Olympic and Paralympic Games on the horizon, now is the perfect time for the centre’s owners to reimagine one of Queensland’s premier retail spaces.”
“The Myer Centre once had live music on its lower levels as well as a fun park at the top and has always evolved and moved with the times. I think this is a fantastic opportunity for the centre to be reinvigorated into a vibrant, modern retail experience for residents and visitors and I look forward to working with the owners on their future plans,” he said.
It is not yet known the scale of redevelopment on the cards for the Myer Centre with Vicinity and ISPT exploring all options.
Vicinity is the developer behind the Buranda Shopping Centre Redevelopment proposal which aims to turn the site into a new mixed-use precinct. This application is currently being assessed by Brisbane City Council planners.