Griffith University may be considering tenancy of the Myer Centre location in the Brisbane CBD. The retail chain recently announced that it will be leaving its flagship store by the end of July 2023.
The Myer lease will end in July 2023, but it seems that the site could be taken soon after Myer leaves the five-level building with Griffith University emerging as its likely new tenant. The school is reportedly needing up to 15,000 square metres of space as a requirement for a CBD campus and the Myer Centre site could be leased as a stopgap measure whilst a permanent location is being sought.
After 35 years, Myer Centre revealed in mid-March 2023 that it will not be renewing its lease at its 28,000 sqm location in the heart of Brisbane next to Queen Street Mall after failing to “reach appropriate and reasonable commercial terms with the current landlord.”
Myer stressed that it remains committed to keeping its presence in the Brisbane CBD and is now looking for alternative locations. The announcement came as Myer announced that it posted a record half-yearly sales growth of 24 per cent, despite closing many of its stores across Australia
A spokesperson for Vicinity and ISPT said that the co-owners are investigating options for the site including a small-scale department store.
Some experts believe that Myer Centre’s decision not to renew its lease would further impact Brisbane’s CBD vacancy figures which currently has one of the lowest occupancy rates in any Australian CBD.
Lord Mayor Adrian Schrinner, however, sees it as an opportunity to reinvigorate the space into a more vibrant retail experience for local residents and visitors alike.
“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,” he said.
“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.”
Myer said that whilst they explore future CBD options, their Indooroopilly, Chermside, Carindale and Mt Gravatt stores as well as their 24/7 online business will continue to trade. The retail chain is also exploring redeployment options within the business and remaining stores for its team members, wherever possible.
Published 27-March-2023
