Flood-damaged Toombul Shopping Centre in Nundah could soon be reborn, as discussions with Mirvac commence on plans to redevelop the site to make way for the return of retail offerings, with ample open space, and flood resilience measures also to be put in place.
Following the 2022 February flood that heavily damaged the centre, Mirvac announced that the complex was beyond repair. The leases of more than a hundred retailers were cancelled and Toombul Shopping Centre announced its closure in May.
The announcement of the permanent closure of the centre was received with shock and disappointment by locals and businessmen who have since called for the owner to reconsider their decision.
Since then, Mirvac executives have had several talks with Hon Anika Wells MP and Hon Leanne Linard MP who both expressed support for the return of retail offerings at the site. Previous talks with Cr Adam Allan and LNP Member for Clayfield Tim Nicholls were also made. Further discussions wwith stakeholders to discuss redevelopment plans for the site are expected.
Mr Nicholls would also like for the retail presence reinstated at the site to answer the shopping needs of the local community.
The absence of Toombul mall has left a big void to fill for nearby retail stores and shopping precincts which have since been experiencing nightmarish parking conditions, especially during busy periods.
The redevelopment plans, however, would need to factor in flood resilience measures considering the recent flood events as well as the 2011 and 2015 floods. These flood mitigation plans, according to Mr Nicholls, could also include returning a portion of the lower car park to Brisbane City Council to be used as parkland.
Mirvac acquired the flood-prone property in 2016 for $233 million and spent an additional $35 million for its upgrade. After the February 2022 flooding event, the company’s 2022 Annual Report revealed the $216-m “write-down” of the shopping centre retaiI asset.
