$300m Toowong development modelled on The Grove in LA
A $300 million development in Brisbane’s inner west will offer an expansive town square with an entertainment and dining precinct, taking its cue from a famous US destination.
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A LONG-term development site in a booming inner western suburb will be transformed into a $300 million lifestyle precinct with expansive public space.
White and Partners and Brisbane developer State Development Corporation (SDC) will lodge a development application by the end of the year to transform a 1.3ha Toowong site, bounded by Jephson and High streets and Sherwood Rd.
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The site, which currently has office and retail buildings, was previously owned by ASX-listed Stockland which planned to develop three 25-storey apartment buildings on the property.
SDC managing director Ross McKinnon said the new development was inspired by The Grove shopping centre in Los Angeles, and would feature an expansive town centre and streetscapes.
Plans are for a two-level retail centre, a 4.5 star 25-level hotel with some owner-occupier apartments and a 12 to 14-level office building.
“We want it to be food and entrainment based. We’d like cinemas, dining places, bars, gymnasium, spa and entertainment there,” Mr McKinnon said.
“It won’t be like a traditional enclosed shopping centre. It will have an open air streetscape.
“We’ll also work to have an entrance facing High St at the bus stop and then create a walking track from High St, Jephson St, Sherwood Rd to Toowong Village and the train station.”
Mr McKinnon said they hope to start construction next year and finish in late 2022 or early 2023.
White and Partners managing partner George Ajaka said he was excited for what was an iconic project for the inner-Brisbane suburb.
“This location rivals some of the iconic suburbs in Australia like Chatswood in Sydney and Toorak in Melbourne,” he said.
Knight Frank’s Christian Sandstrom, who negotiated the sale with Ben McGrath, said it was one of the largest remaining inner city mixed use development opportunities
“It has three substantial street frontages in the heart of Toowong allowing for a number of development outcomes each with their own identity and importantly vehicular access,” he said.
He said the sale follows a number of other recent transactions in Toowong including 74 High Street for $19.3 million to the University of Queensland and 39 Sherwood Rd to a private investor for $23.8 million
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