Launceston’s historic Myer building comes up for lease
Retail space within one of Launceston’s most iconic CBD buildings is being released to market, with leasing opportunities now available inside the long-established Myer building in the Brisbane Street Mall shopping precinct.
Privately owned by the same family since the 1980s, the property has been part of the city’s retail fabric for decades, with Myer occupying the site since 1966. Located in the heart of Launceston’s primary retail precinct, the establishment of Myer in the town played an important role in the post-war development of the Brisbane Street Mall.
Areas available include a ground-floor space spanning 1243 square metres, a basement space of 482 square metres, and a first-floor space measuring 1513 square metres.
Agents say the availability reflects a broader shift underway as landlords begin repositioning long-held department store footprints to better align with contemporary tenancy requirements.
Jake Beckwith, associate director of retail leasing at Colliers, who is working alongside Elders Commercial on the leasing opportunity, noted that continuity of ownership and the longstanding occupation of this scale are increasingly uncommon in regional CBDs, with the building having adapted to the evolving retail needs of the city over several decades.
“This building has played an important role in Launceston’s commercial history for generations, and that continuity of ownership and occupation is rare in regional CBDs today,” he said.
“The owners have held this asset for more than 40 years, and throughout that time it has continued to adapt alongside the city. The current leasing opportunity allows new retailers to be part of that story as the mall modernises and repositions for the future.”
The site is directly adjacent to the $15 million Birchalls redevelopment, which will introduce over 21 new inner-city apartments and a fresh mix of food, beverage, and specialty retail tenancies by 2026, which will add to the already robust foot traffic generated by the mall’s latest addition of Mecca which is set to open its first northern Tasmanian store across from the building.
“Launceston is firmly established as the retail and service hub for northern Tasmania, and Brisbane Street Mall remains the focal point of that activity,” said Fletcher Seymour from Elders Real Estate.
“We’re seeing more national and specialty retailers actively target Launceston, and the decision by Mecca to open its first store in the city within the mall is a strong signal of that shift, reinforcing the mall’s role as the city’s primary retail destination.”
From an investor standpoint, retail property continues to reassert itself as one of Australia’s strongest-performing commercial asset classes. According to Colliers’ latest Retail Capital Markets Investment Review, the sector was the nation’s most actively traded commercial asset class for the third consecutive year in 2025, with total investment volumes reaching $13.16 billion, up 48 per cent year-on-year.
With regional shopping centres accounting for $6 billion in transaction activity and prime Australian retail assets maintaining average occupancy levels of 98.9 per cent, investor appetite for well-located, established retail environments has remained resilient despite the ongoing growth of online retail.
