Mirvac doubles cash payments to flood affected Toombul Shopping Centre small retailers
Small retailers who had their leases terminated after flood-ravaged Toombul Shopping Centre closed for good have has their cash payments from landlord Mirvac doubled – but is it enough?
QLD Business
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Property giant Mirvac has doubled its multimillion-dollar cash payment to small retailers hit by the closure of flood-ravaged Toombul Shopping Centre in Brisbane’s north, as many shopkeepers are still left without an income.
Up to 130 businesses – ranging from national to small operations – were told in May that their leases have been terminated, three months after the February floods which closed the 54 year-old shopping centre.
The floods and closure potentially cost business owners tens of millions, with many facing the prospect of not being adequately insured.
Mirvac later offered a support package for all retailers which included three months’ rent as a cash payment.
However, Mirvac chief executive Susan Lloyd-Hurwitz said after further discussions with retailers they will provide an additional a further cash payment of an additional three months’ rent to eligible small businesses with an annual turnover of $50m or less.
“We have met with all retailers who have requested meetings and understand the hardship
experienced by many, and the challenging time for those within the community,” she said.
“Given the extent of the damage and the increased risk of a further flood event, Mirvac made the difficult decision that it was not practicable to reinstate the centre as is.
“This decision was not taken lightly and we have endeavoured to be fair and compassionate with our retailer community.”
Bill Pippos, who owned Fruits Of Eden and Eleni’s Gourmet Deli said “it's a good thing”.
“Anything helps because most people have had no income since the floods,” he said.
“So many are doing is real hard because they have lost their equipment have not been able to set up elsewhere so an extra three months payment is good step.”
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