COMMERCIAL PROPERTY, SALES & LEASINGRESIDENTIAL PROPERTY

$450m Toowong town centre mooted

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STATE Development Corporation and White & Partners Sydney have lodged a development application with Brisbane City Council to construct a $450 million town centre in the western suburb of Toowong.

The plans were submitted as Mirvac lodged its own DA for the next stage of its $1 billion Waterfront Newstead community on the Brisbane River.

Located on the corner of High St and Sherwood Rd, Toowong Town Centre will feature retail, commercial, residential, entertainment, and leisure facilities along with a range of services like childcare, gym and medical centre across 9,000 sqm of land.

State Development Corporation said it had been looking for a major development site with White & Partners Sydney for five years before purchasing the broader 1.3 hectare site from major diversified developer Stockland last year for $40 million.

Earlier this year, the partners listed a five storey office tower 4,188 sqm of land at 88 Jephson St for sale with hopes of netting $30 million.

“We have developed four projects in the western corridor and understand the Toowong area very well,” State Development Corporation’s managing director Ross McKinnon said.

“Toowong Village is a successful and well-managed centre and we are not trying to compete with this. We’re creating a completely different offer and an entirely new streetscape for Toowong.”

The site was one of the first Woolworths supermarkets in Queensland, opening in 1956, and most of the 150 metre frontage to High Street has been a blank concrete wall for more than 60 years.

“We now have the chance to create a whole new image for High St and Sherwood Rd,” McKinnon said.

Inspiration for the design has come from The Grove Shopping Centre in Los Angeles.

“Brisbane has a similar climate to Los Angeles, and we believe the open street theme along with the open-air plaza is the perfect combination to enhance the existing Toowong area.” McKinnon said.

The open-air plaza will include a water feature that converts to a stage area, and will be used for outdoor dining and food festivals, small concerts, community and special events.

More than 50% of the site will be dedicated to public space.

Stockland submitted plans in 2016 for three 25 storey residential towers on 1.3 hectares of land that included the future Toowong Town Centre site. The project would have been built in stages with towers of 184, 172 and 174 apartments.

The Toowong site was sold at the same time as Stockland sold its Cleveland shopping centre for a total $143 million, as part of the group’s selldown of non-core retail assets and increased focus on the logistics and industrial market.

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