Mirvac sells site of flooded shopping centre
Mirvac has sold the site of the Toombul Shopping Centre, damaged in the 2022 floods and never reopened.
The asset manager is believed to be banking close to $100 million for the Nundah land.
The last of the demolition was only completed last year.
Until recently, Mirvac said it planned to rebuild a shopping centre as part of a residential based mixed use project, advancing development plans with council.
The sale this week, to Brisbane developer Irvine Property Group, was brokered off-market.
Site set for redevelopment
Toombul Shopping Centre at 1015 Sandgate Road cost Mirvac $233m from Vicinity Centres in 2016.
A $35m refurbishment of the c1972, 41,000 square metre complex was completed in 2019.
The centre wasn’t reopened after the flood for safety reasons, causing many retailers financial distress.
Irvine is intending to deliver a residential based mixed-use project.
“Understanding the needs of the local community has always been a important aspect of our projects,” managing director, Michal Irvine, 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-principal support,” he added.
“We look forward to working through the next steps including lodging the first development application for a new retail centre and housing,” according to the executive.
Nundah is about nine kilometres north of Brisbane’s CBD.
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