Mirvac announces multimillion-dollar rescue package for Toombul traders

Property giant Mirvac has announced a multimillion-dollar support package, including a cash payout equivalent to three months’ rent, for retailers hit by the closure of the flood-damaged Toombul Shopping Centre.

Property giant Mirvac has announced a multi-million dollar support package for retailers hit by the permanent closure of the flood-damaged Toombul Shopping Centre.

Mirvac chief executive Susan Lloyd-Hurwitz said the support package would include a cash payout equivalent to three months’ rent.

Ms Lloyd-Hurwitz said the refund was on top of previously announced support measures including waiving all debts incurred during Covid-19 and up until the flood for all tenants, providing free storage to store stock and assisting with new fitouts at new locations.

Mirvac in May announced it was permanently closing the flood-stricken Toombul Shopping Centre saying it was too severely damaged to repair.

The ASX-listed company had earlier been accused of “unscrupulous and disgusting” behaviour after refusing to pay a cent of compensation to tenants. The company has come under increasing pressure from the local community and politicians to provide more support.

Toombul

Labor frontbencher Anika Wells, whose electorate of Lilley takes in Toombul Shopping Centre, earlier this week blasted Mirvac’s lack of help for impacted retailers as “staggering”.

“I have never seen a company treat my community like Mirvac have treated my community,” she said on 4BC on Wednesday.

Ms Wells said Mirvac had been “happy” to rake in $19m in JobKeeper payments during the height of the pandemic—half of which it returned to the government—but the company was “nowhere to be seen” when people needed “compassion from them”.

“When people are asking for compensation because of Mirvac’s own decisions, they are nowhere to be found,” she said.

Ms Wells in a statement on Thursday, said the support commitment made by Mirvac’s chief executive was an “overdue step in the right direction”.

She said people on Brisbane’s northside had been deeply impacted by the floods and the loss of Toombul and put Mirvac on notice to deliver on its promises.

“Whatever happens to the Toombul site, our community must be consulted with, and listened to, every step of the way,” Ms Wells said.

Ms Lloyd-Hurwitz added she had heard “the feedback loud and clear from our retail partners that many feel frustrated and upset.”

“In response to this feedback, I will personally be meeting with our retailers over the coming days to hear their concerns and understand the effects of this closure on their businesses,” she said. “These meetings are being arranged now. We have been discussing individual circumstances with our retail partners.”

Toombul

Ms Lloyd-Hurwitz said the centre had sustained “catastrophic damage” following the floods and could not be repaired. “The centre’s electricity, fire and air-conditioning systems, lifts and escalators were all significantly damaged,” Ms Lloyd Hurtwitz said. “The site was then impacted by mould and was declared hazardous and not safe for people to access without the appropriate safety equipment.”

Turning to the future of the site, Ms Lloyd-Hurwitz said Mirvac recognised the need for retail and community services to be a part of any future plans. There were no current plans.

“Over time we will seek the best possible outcome for the community in this iconic location taking into account the desire for flood resilience, with green space, connections to public transport and local services,” she said.

She added the company had worked with the Brisbane City Council to reopen the Toombul Bus Interchange earlier this week.

Bill Pippos, who owned Fruits Of Eden and Eleni’s Gourmet Deli at Toombul Shopping Centre, said it was great that Mirvac was talking to retailers.“It’s great news but I will have to see what it is all about,” he said.

Function Well owner Darren Bain said he spent more than $3m on a fit out of his gym last year on the upper floor of Toombul, but Mirvac had not lifted a finger to help him and other tenants get back on their feet.

But Mirvac disputed Mr Bain’s claims about a lack of support.

A spokesperson said Mirvac had provided significant support to assist Mr Bain and his tenancy since it opened in 2021, which included cash incentives and a rent free period.

“Since the devastating floods all items able to be removed safely at The Function Well gym have already been removed, at Mirvac’s cost,” the company said. “The remaining gym equipment that required heavy lifting to be removed, is now almost complete and was done at Mirvac’s cost, with Mr Bain’s agreement.”

Mirvac said Mr Bain had notified the company of allegedly stolen items from his tenancy, which we been paid for in full.

“As we said to Mr Bain, we remain committed to working with him and assisting him,” the Mirvac spokesperson said.