Westfield Mt Gravatt Shopping Centre, Brisbane’s second largest mall, could be at the centre of one of the largest shopping centre asset deals to come into play nationally this year, with reports emerging that a near 50 per cent stake in the complex is being explored for sale at around $850 million.
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The Scentre Group, which owns and operates the Westfield brand across Australia, is believed to be in talks with Australian Retirement Trust (ART), one of the country’s largest superannuation funds, as the potential buyer. Funds manager QIC is understood to be advising on the deal. While neither party has commented publicly, the potential transaction has been reported by industry media.
For locals who shop, work or spend their weekends at the Mt Gravatt complex, the news might come as a surprise. But it fits a clear pattern playing out across the country’s biggest retail assets right now.
Sitting 12 kilometres south of the Brisbane CBD in a growth corridor served by major arterial roads and a Queensland government-owned bus terminal connecting Brisbane and the Gold Coast, Westfield Mt Gravatt is no small asset.
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The 141,699 square metre complex serves a trade area population of more than 1.2 million residents and generated approximately $1 billion in sales last year. Major tenants include Myer, BIG W, Kmart, Target, Coles, Woolworths and Aldi, alongside an Event Cinemas complex and around 365 specialty stores. The centre carries a book value of $1.69 billion and is held on a 5.5 per cent capitalisation rate.
The centre has been part of the local community since it first opened in 1971. It has undergone major redevelopments in 1980, 2000, 2004 and 2014, with further works completed in 2018 and again in 2024. The most recent upgrade saw the former David Jones space reconfigured following the department store’s closure, with Uniqlo, Harris Scarfe, additional fashion brands and a new entertainment precinct moving in.
The potential deal would not be ART’s first Westfield move. In late December, the super fund entered into an agreement to acquire a 19.9 per cent stake in Westfield Sydney for $864 million, in what has been described as the largest single-asset CBD retail transaction in Australia. A successful bid at Mt Gravatt would further deepen ties between ART and Scentre Group, with QIC also named as investment manager for ART’s Westfield Sydney interest.
The Mt Gravatt deal sits alongside several other major retail transactions currently in play nationally. Private group JY Group is reportedly in advanced negotiations for a stake in Westfield Marion in Adelaide at a price understood to be in excess of $650 million, while Fawkner Property completed its acquisition of Erina Fair shopping centre on the NSW Central Coast earlier this year for $895 million, a deal described as the largest ever 100 per cent trade of an Australian shopping centre.
Big shopping centres fell out of favour with investors during the Covid-19 pandemic but have been staging a steady comeback. Landlords have adapted by pulling back on exposure to department stores and leaning into services, entertainment and experiences to attract foot traffic, with Scentre reporting record visitation numbers as a result.
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The total retail spend across Westfield Mt Gravatt’s broader trade area was estimated at $20.6 billion in 2025, with the main trade area accounting for $4.8 billion of that figure, underlining the centre’s economic significance to Brisbane’s south side.
Published 6-June-2026
