Fresh plans as Mirvac flips $233m flood-ravaged shopping centre site
The Toombul Shopping Centre just before demolition began in 2024. Picture: Facebook/Steve Muir-McCarey
A $233m flood-ravaged shopping centre property demolished by one of Australia’s largest builders has been sold to local developers after Mirvac threw in the towel.
Residents in the area were on Wednesday afternoon informed of Mirvac’s decision to offload the massive urban renewal project to a local developer – ending years of speculation over the firm’s commitment to the redevelopment in the current climate.
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All roped off – the old Toombul shopping centre site earlier this year after demolition. Picture, John Gass
Private Brisbane-based firm Irvine Property Group will take over ownership for an as-yet undisclosed sum – with the mammoth 9.8 hectare site having been demolished after the 2022 flood disaster became the final straw for Mirvac.
The shopping centre, just 7km from the Brisbane CBD and close to premium suburbs like Ascot, Hamilton, Hendra and Clayfield was a hub of activity when Mirvac exchanged contracts for it in 2016. At the time it had a moving annual turnover of $234,1m, site area spanning approximately 98,850 square metres, and total gross lettable area of over 44,000 square metres – anchored by Coles, Kmart, Aldi and BCC Cinemas.
In a community update sent out by Mirvac, Irvine Group Managing Director Michael Irvine said his team was “thrilled” to take on the project and pledged to make the new Toombul “a place for everyone”.
“Our priority is to deliver a new shopping centre as the first stage of a retail-led mixed-use development,” Mr Irvine said. “We understand how much this place means to the community — and we’re ready to get started.”
The cleared site is surrounded by residential apartment buildings. Picture, John Gass
The Mirvac team said the decision to sell was “incredibly difficult” but the right step to get redevelopment moving again after extensive demolition and remediation works.
“After several months of carefully considering the best path forward for redevelopment, we have today (Wednesday) exchanged contracts for the sale of the site to Brisbane-based Irvine Property Group, a step that will enable fresh investment and the planning of an exciting new mixed-use precinct, including a new shopping centre.”
The statement said “due to the scale of the site and extensive remediation works required, we are unfortunately not in a position to take this redevelopment further on our own at this time.”
“We’ve found the right partner who shares our vision and values,” the Mirvac team said. “Irvine Group has the local knowledge, the delivery capability, and the commitment to make Toombul shine again.”
The new plans are expected to include shops, housing, green space and dining – all designed around a flood-resilient, modern precinct.
The raised airport train line runs beside the property, with the creek below it the main culprit for flooding in the area. Picture, John Gass
Settlement of the sale was expected to take several months, after which Irvine would lead the next phase of development, with any new applications to go through Brisbane City Council’s public consultation process again – with Mirvac assuring the community they would have another chance to have their say.
Mirvac has partnered with Irvine Property Group in the past and the local developer has delivered luxury projects at Newstead, Teneriffe and Bulimba.
