Vicinity Centres has moved to take complete ownership of Brisbane’s Uptown Mall, paving the way for a major redevelopment that could reshape one of the city’s largest retail destinations.

The shopping centre owner has agreed to acquire the remaining 75 per cent stake in the Queen Street Mall property from IFM Investors for $212 million. The acquisition gives Vicinity full control of the asset and clears the path for redevelopment plans worth up to $350 million.

The investment reflects growing confidence in Brisbane’s economy as the Queensland capital continues to experience strong population growth, large-scale infrastructure investment and increasing retail demand ahead of the 2032 Olympic Games.

Brisbane has become one of Australia’s fastest-expanding major cities, with more than $100 billion in infrastructure projects underway or committed. Developments including Cross River Rail, Brisbane Metro, Queen’s Wharf, Waterfront Brisbane and Olympic venues are expected to significantly reshape the city’s CBD over the coming decade.

Vicinity believes Uptown Mall is well positioned to benefit from these changes. The company’s forecasts suggest the centre’s catchment area will grow by around 700,000 residents during the next 10 years, generating an estimated $39 billion in additional retail spending.

Population growth is also expected to accelerate within Brisbane’s inner city, with residential developments planned across Woolloongabba, Bowen Hills and South Brisbane. CBD residential numbers are forecast to increase by around 70 per cent by 2035.

Chief Executive Peter Huddle said the combination of urban growth, infrastructure investment and the Brisbane Olympics created a rare opportunity for long-term investment.

“The confluence of structural forces reshaping Brisbane, including accelerating urban densification, transformative infrastructure investment, and the catalytic effect of the 2032 Games, creates a once in a generation investment opportunity,” Huddle said.

Vicinity Centres has taken full ownership of Uptown Brisbane.

“Uptown sits at the precise intersection of those dynamics, and we are deploying capital accordingly.”

The multi-level shopping centre spans almost 64,000 square metres and is currently anchored by retailers including Coles, Target and Event Cinemas. It also features a multi-level car park servicing the busy CBD precinct.

Myer vacated its long-standing department store within the complex in 2023, but industry observers have suggested the retailer could eventually return as part of a broader redevelopment.

Vicinity is expected to reposition the ageing centre into a more premium retail, dining and entertainment destination, similar in style to Melbourne’s Emporium shopping centre.

The acquisition also highlights renewed investor confidence in Australian retail property. According to Citi analysts, the sector has continued to perform strongly during 2026, supported by low vacancy rates, rising rental income and sustained demand from retailers seeking quality locations.

National retail vacancy currently sits at 4.7 per cent, below the 10-year average of 5.1 per cent, while retail property transactions reached $2.4 billion during the first quarter following a record $13.7 billion worth of deals completed throughout 2025.

Although consumers remain mindful of household budgets, retail spending has continued to show resilience, supported by improving disposable incomes and sustained demand for well-located shopping centres.

With full ownership now secured, Vicinity is expected to begin planning the next stage of Uptown Mall’s transformation as Brisbane continues its rapid evolution into one of Australia’s most significant retail and commercial markets.