It has been boarded up and derelict for more than 12 months, but Mirvac is moving ahead with plans for the future of the flood-ravaged Toombul Shopping Centre.
The developer filed an application with the Brisbane City Council this week to demolish the centre.
Mirvac bought the shopping centre for about $233 million in 2016, and spent a further $35 million on upgrades in 2019, before floodwaters swept through the centre in February last year.
But the developer’s 2022 annual report showed the abandoned shopping centre was worth just a fraction of what it was, now valued about $90 million.
Now Mirvac plans to demolish the shopping centre and its foundations, which could take up to 12 months.
“After a difficult 12 months for the Toombul community we are continuing to move ahead with our Toombul renewal program,” a Mirvac spokeswoman said.
“We are working through the future vision for the site.
“Whilst future plans for Toombul have not yet been determined, we look forward to sharing planning concepts when these are available.”
Mirvac filed a DA to seek permission to demolish the structures on the “former Toombul site” as planning for the future continued.
A new masterplan for the site is expected to be available for community review by the end of 2023.
“Given the extent of the damage, the flood-damaged buildings need to be demolished to allow future site redevelopment opportunities,” the spokeswoman said.
Brisbane City Council’s City Planning chair Cr Adam Allan said the council’s planning team “will be working closely with Mirvac to assess this application and provide a prompt response”.
“This will allow Mirvac to commence demolition activities as quickly as possible to support renewal of the Toombul site,” Allan said.
Mirvac has previously gone on record to reiterate its commitment to retaining retail on the site at Sandgate Road.
It could, however, be an opportunity to reimagine the site with residential and commercial components, similar to the evolutions of other shopping centres around Australia, including Vicinity Centres’ Box Hill development.
In May last year the developer announced the shopping centre was beyond repair due to flood damage and mould but Mirvac rejected claims it had planned to raze the centre and replace it with high-density residential buildings.
Article source: Queensland Property Investor