Mirvac has agreed to sell the former Toombul shopping centre site in Brisbane to Irvine Property Group for an undisclosed sum, a deal that will enable renewed investment in the redevelopment of the location.
The deal comes after several months of discussions between Mirvac and potential partners.
Mirvac’s group CEO and MD Campbell Hanan said the decision to sell the Toombul site was a difficult one and has been preceded by lengthy and careful consideration.
“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.
“Over the past few years, we’ve completed demolition across the site, and worked closely with Brisbane City Council and other authorities to progress planning, reaching agreement on critical issues including traffic, building heights and the flood solution, as well as in principle support on a draft masterplan,” Hanan said.
Following the sale, Irvine will take on the full redevelopment and deliver a renewed vision for the site.
Irvine MD Michael Irvine said the company plans to deliver a new shopping centre as the first stage of a retail-led mixed-use development.
“We look forward to working through the next steps including lodging the first development application for a new retail centre and housing,” Irvine said.
“Our philosophy is to bring together sustainability, design creativity and an understanding of community and cultural expectations to deliver thriving and successful developments, and we look forward to the opportunity Toombul presents,” he added.
Irvine Property Group brings more than 30 years of experience in premium mixed-use, residential, retail and industrial projects in south-east Queensland. The company has undertaken urban renewal projects in Teneriffe, Newstead, Bulimba and Morningside.
The deal between Mirvac and Irvine was brokered by JLL’s Nick Willis, Sam Hatcher and Elliot O’Shea.
Add comment