Mirvac and Irvine Group have exchanged contracts for the sale of the Toombul Shopping Centre site.
Announced on 12 November, the sale marks a welcome step forward in the redevelopment of the flood-damaged site, with a new shopping centre as the first priority.
Irvine Property Group is a Brisbane-based developer with more than 30 years of experience in premium mixed-use, residential, retail and industrial projects across south-east Queensland. The company has completed urban renewal projects in Teneriffe, Newstead, Bulimba and Morningside, including the revitalisation of historic wool store buildings and the Rivermakers precinct.
Mirvac’s CEO Campbell Hanan acknowledged it was a tough decision to let the site go. The company had already demolished the flood-damaged centre and worked through complex planning issues with Brisbane City Council, including traffic management, building heights and flood mitigation solutions. But given the massive scale of the site and the extensive remediation work needed, Mirvac decided earlier this year to look for partners who could take the project forward.
“We’re not in a position to take this redevelopment further on our own at this time,” Hanan said. “However, we’re very pleased to have reached an agreement with Irvine Group for the purchase of the entire site. With their extensive expertise in delivering high-quality retail and residential precincts, we believe this will be the fastest pathway to bring life back to Toombul.”
Irvine Group will now work on lodging the first development application for a new retail centre and housing. Any development application will be assessed against Brisbane City Council’s planning scheme and go through community consultation processes.
Brisbane City Council’s planning scheme envisions Toombul as a Major Centre within Brisbane’s network, supporting diverse retail and commercial activities integrated with residential uses to create an active, accessible hub for the local community and wider region.
What do you want to see in the new Toombul development? Email [email protected] to let us know.
