The site of the former Toombul Shopping Centre could face a brighter future after its owner, Mirvac, announced it was selling the land to a developer who had plans to create a new mixed-use precinct.
The development, in the inner-northern Brisbane suburb of Nundah, would include a new shopping centre, Mirvac said in a statement.
Toombul Shopping Centre, once one of the largest in Brisbane with 140 specialty shops, was devastated by the 2022 floods.
The sale will mean that redevelopment plans drawn up by Mirvac will have a chance of progressing under a new owner.
“Mirvac today announced it has exchanged contracts for the sale of the site to Brisbane-based Irvine Property Group, enabling renewed investment and the development of a new mixed-use precinct, including a new shopping centre,” Mirvac said in its statement.
Toombul Shopping Centre was hit hard by flooding rain in February 2022. (ABC Radio Brisbane: Kenji Sato)
“Irvine Property Group … is a diversified Australian property development company with more than 30 years’ experience in premium mixed-use, residential, retail and industrial projects in south-east Queensland.”
Toombul Shopping Centre opened in 1967, and Mirvac has owned it since 2016.
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The February 2022 floods saw rain falling for three consecutive days, inundating the shopping centre and forcing it to shut.
Three months later, after an inspection of the damage, it was announced that the centre would not reopen due to safety reasons.
The closure caused financial hardship for many retailers and angered residents.
“We acknowledge the community’s strong interest in seeing a new shopping centre built on this site, after the former centre was demolished due to the extensive damage caused by the 2022 floods,” Mirvac CEO Campbell Hanan said.
“Unfortunately, we’re not in a position to take this redevelopment further on our own at this time.
“However, we’re very pleased to have reached an agreement with Irvine Group.”
Toombul Shopping Centre closed down after severe storms in 2022. (ABC Radio Brisbane: Kenji Sato)
Irvine Group managing director Michael Irvine said in the statement that developing a shopping centre in the new project was a “priority”.
“Understanding the needs of the local community has always been an important aspect of our projects, and we welcome the community’s feedback on the future Toombul,” he said.
“Our priority is to deliver a new shopping centre as the first stage of a retail-led mixed-use development, which is in line with Mirvac’s draft master-plan, which has council’s in-principle support.Â
“We look forward to working through the next steps, including lodging the first development application for a new retail centre and housing.”
No timeline was given about how long construction would take or when any new shopping centre may open on the vacant site.