Mirvac seeks partners, financiers after big move on Toombul Shopping Centre

Toombul shopping centre owner Mirvac has announced it is seeking partners to rebuild the flood-wrecked site after council confirmed what sort of development it will permit.

Toombul shopping centre owner Mirvac has announced it is seeking partners, including financiers, to help rebuild the flood-wrecked northside site after council confirmed what sort of development it will permit.

Two years after the nationwide developer wrote off the retail landmark because of black mould following a devastating flood, it said real progress was now only months away.

Council officers had confirmed in so-called “pre-lodgement’’ meetings what they would support once a development application was submitted.

Generally, those talks included setbacks, building heights, types of development, access and traffic issues, public open space and height transitioning to neighbouring properties.

A crucial reason for the delay has been flood mitigation, with Mirvac previously saying about 40 per cent of the lower-lying sections of the 10ha might have to be set aside for that purpose.

Demolition has been wrapped up at the Toombul site.

Council was approached for comment, but usually details of pre-lodgement meetings were not published until a development application was lodged.

Mirvac was approached for comment as well.

However, it said in a statement on Wednesday night that it had finally reached agreement on key issues.

“We’ve been working closely with authorities including Brisbane City Council over the past two years to agree the parameters for future development of the site, including items such as traffic, location and size of the bus interchange, open space, building envelopes – including retail – and the most important part of the puzzle, the flood solution,’’ it said.

“This has been a complex process that has taken time to get right and is a big milestone in the potential redevelopment of the site.

“Now that we have Council support confirming what is permissible on the site, we are commencing discussions with a targeted group of potential partners, including capital and other delivery partners, to support the future redevelopment.

Trolleys at the Toombul Shopping Centre car park in a flood in 2017. The site was ruined in the February, 2022 deluge. Picture:AAP/Albert Perez

“Given the scale and size of the site, along with the current challenging construction environment, we believe this will be the fastest pathway to bring life back to Toombul.

“We anticipate this process will take several months and will continue to keep the community updated.’’

Mirvac has previously said a mixed-use project including significant public green space, a smaller retail footprint and residential or office components were likely to be built.

It has declined to comment on speculation it had canvassed the possibility of a 2032 Olympic stadium with council and the state government.

Mirvac confirmed that 12 months of demolition work was now completed.

In the short term, it would create a temporary green space on the southern edge of the site along Widdop St.

The 475sq m pocket park would have a central turfed area enclosed by shrubs, plants and trees, with public seating. It should be open by late March, weather permitting.

Originally published as Mirvac seeks partners, financiers after big move on Toombul Shopping Centre