Mirvac and Irvine Group exchange contracts for the sale of the Toombul shopping centre site, enabling redevelopment plans to progress

Irvine Property Group, founded by Balfour and Nicola Irvine, is a diversified Australian property development company with more than 30 years’ experience in premium mixed use, residential, retail and industrial projects in south-east Queensland. 

The Group has previously undertaken urban renewal projects in Teneriffe, Newstead, Bulimba and Morningside, including revitalising historic wool store buildings, and apartment developments in partnership with Mirvac in Bulimba.

Mirvac’s Group CEO & Managing Director, Campbell Hanan said the decision to sell the Toombul site was a difficult one and has been preceded by lengthy and careful consideration.

“We acknowledge the community’s strong interest in seeing a new shopping centre built on this site, after the former centre was demolished due to the extensive damage caused by the 2022 floods.

“Over the past few years, we’ve completed demolition across the site, and worked closely with Brisbane City Council and other authorities to progress planning, reaching agreement on critical issues including traffic, building heights and the flood solution, as well as support on a draft masterplan.”

Given the scale of the site and extensive remediation works required, Mirvac advised the community in February this year it would begin seeking partners to progress the site’s redevelopment.

“Unfortunately, we’re not in a position to take this redevelopment further on our own at this time,” said Mr Hanan. “However, we’re very pleased to have reached an agreement with Irvine Group for the purchase of the entire site. With their extensive expertise in delivering high-quality retail and residential precincts, we believe this will be the fastest pathway to bring life back to Toombul.

“We have partnered with Irvine Group in the past and know they have a proven track record in delivering mixed use developments that combine quality retail and residential offerings. Their local knowledge and experience give us the confidence they are the right owners to take on the full redevelopment and deliver a renewed vision for the site,” said Mr Hanan.

Irvine Group Managing Director, Michael Irvine said: “We are excited about our acquisition of the former Toombul Shopping Centre site and believe we are in a unique position to deliver what the community needs, with our knowledge of the local area and delivery capability on a site of this nature.