Toowong is back on trend with new development plans and rising tenant demand

Tenants and developers are back looking to get a foothold in Toowong as the once fashionable business hub undergoes a revival.

Chris McLeod from Your Commercial outside 34 Sherwood Rd, Toowong, in Brisbane’s inner-west.

THE renaissance has begun in a once fashionable business hub in Brisbane’s inner-west.

Toowong — a trendy riverside precinct that boomed with the building of Toowong Village shopping centre in the mid-1980s — is undergoing a revival with development tracking up and rising tenant demand.

Its resurgence has led to strengthening demand for its commercial space.

Until recently, a newly-developed, two-level property at 34 Sherwood Rd had sat totally vacant for about a year.

But with a flurry of leasing deals struck over a 10-month period the building’s seven tenancies are finally fully occupied.

Toowong in Brisbane’s inner-west.

Chris McLeod from Your Commercial, who negotiated the deals with colleague Jack Neumann, said Toowong had become the focus of an increasing level of interest from tenants.

“Things were quiet for some while in Toowong but that’s changed over recent times,” Mr McLeod said.

“There’s a new strategic plan and new developments planned for the area.

“So there’s a lot of occupiers, particularly food tenants and medical groups, who are looking to get a foothold in Toowong.”

Mr McLeod said the tenancies at 34 Sherwood Rd appealed because of their main road exposure, passing foot traffic and the future plans for the area

The leasing commitments include Kids Clinic, which has taken 184sq m for five years on the first floor for rental of $82 800 a year, a medical centre (168sq m, 10 years for $75,600 a year), Proactive Service (86sq m, five years for $38,700 a year) and Catalyst Radiology (372sq m, seven years for $200,000 a year) leased in conjunction with Tewksbury’s Darren Lucchese.