IFM sells ex-Myer Centre stake
IFM Investors has sold the majority stake in Brisbane’s Uptown, formerly the Myer Centre, seized when it took over ISPT in December.
The off-market deal for the 75 per cent interest in the complex facing Queen Street Mall, also exposed to Albert, Elizabeth and George streets, is worth $212 million.
Co-owner Vicinity is the purchaser; as part of the ownership structure, it had first right to buy.
It has held its stake since 1998.
It has also managed the six level 62,974 square metre complex, anchored to Coles, Event Cinemas and Target.
There are six mini-majors with over 400 sqm too – Lincraft and Terry White Chemmart are amongst the occupiers – and over 100 specialty stores.
Developed in 1988 the complex was last refurbished in 2006.
The weighted average lease expiry by income is 2.6 years.
There are also 1450 car parks.
Revamp planned
In recent years, Vicinity has moved to reposition the 1.27 hectare Brisbane property with a total revamp.
An entertainment and leisure precinct would have been added, with, amongst other experiential retail, an aquarium, arcade and indoor sports field (continues below).
Following the renovation it is speculated the asset would be worth $500m.
The latest sale prices the complex at $283m.
The valuation in December, 2025, was $275m, assuming a 6.5 per cent capitalisation rate.
Myer moved out in July, 2023, when the mall was rebranded.
Another ISPT asset sold
The Uptown deal comes a fortnight since we reported IFM sold another ISPT asset – the Southgate Shopping Centre, in South Tamworth.
Mid last year, ISPT divested Katoomba Village in the Blue Mountains, and Brighton Village at Butler, 41 kilometres north of Perth.
It recently listed a Coles within the Bay St, Brighton, retail strip, in Melbourne’s south east.
Cushman & Wakefield’s Daniel Wolman, Leon Ma and Oliver Hay with Stonebridge’s Justin Dowers and Kevin Tong are the agents.
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