HMC Capital eyes $200m deal for Brisbane’s former Myer Centre

The iconic Brisbane shopping centre once valued at $766 million now faces a fire-sale price of $200 million for a 75 per cent share as HMC Capital circles the near-deserted Uptown complex.

More than two years after Myer vacated its flagship department store in the Brisbane CBD there is a potential buyer for the building.

Listed investment manager HMC Capital, of which Sydney deal-maker David Di Pilla is the major shareholder, is in due diligence to buy property funds manager ISPT’s 75 per cent share of the near deserted Uptown complex – or rather the old Myer Centre – in the Queen Street Mall.

Managing director of HMC Capital David Di Pilla.

If successful it will be a Lazarus-like retail resurrection for the much maligned building.

Regardless, ISPT is desperate to sell up and HMC is considering offering $200m for its share of the five-storey centre, well below what it was valued two years ago.

In fact the whole shopping centre was valued at $766m when ISPT bought a half share in 2012 which four years later it upped to 75 per cent with Vicinity Centres owning 25 per cent.

Back in 2023 after Myer left, ISPT and Vicinity Centres announced a $400m to $500m. redevelopment plan for the building with a mooted entertainment component including an aquarium, escape rooms, arcade, laser tag arena and even an indoor ski-field.

That has been mothballed and at this stage it seems that the immediate future of the 1.27ha site is anybody’s guess.

The once bustling centre has been a ghost town since Myer left. Pic: Lyndon Mechielsen

ISPT has been shopping around its share of the centre since Myer left and formally put it on the market in August but no one aside from HMC has emerged as a potential buyer

As ISPT moves towards health, life sciences, and industrial asset its has offloaded a couple of major properties in Brisbane, selling a half-stake in Central Plaza 1 in the CBD for about $230m to Singaporeans Aravest and in the Valley Green Square North Tower for $176m to Quintessential.

On the move

It’s the start of the commercial property job merry-go-round with Colliers national director of Office Leasing Matt Kearney, who has been with the agency for almost 23 years, going to another agency.

He’s on gardening leave at the moment and we understand Kearney is off to Savills and will be joined by Kyle Cully who had an eight-year stint at Colliers.

Shane Van Beest, who has been with Colliers for six years. will now lead the team.

In the meantime we expect more moves ahead.

Former Colliers national leasing director Matt Kearney.

Gold medal gig

The pieces are starting to come together for the multi-billion dollar Olympic Games build.

Former Lendlease executive project director Brendon Richards has joined the Games independent Infrastructure and Coordination Authority (GIICA) as executive general manager, Delivery.

Having worked on large-scale infrastructure projects – including Melbourne’s Marvel Stadium and Adelaide Oval – and managing multi-site portfolios in collaboration with venue stakeholders and government – he will help deliver 17 new and upgrade venues Brisbane 2032.

GIICA's new executive general manager, Delivery, Brendon Richards.

He joins Nick Elliott – Corporate Services; Nicole Zipf – People and Culture and Graham Witherspoon – Communications and Stakeholder Engagement as executive general managers (EGM).

The positions of General Counsel, EGM of Commercial and EGM of Program Management Office will be named soon and will work under the leadership of CEO Simon Crooks.

Originally published as HMC Capital eyes $200m deal for Brisbane’s former Myer Centre