Article appeared in the Courier Mail, 7 June 2019
A long-term development site in a booming inner western suburb will be transformed into a $300 million lifestyle precinct with expansive public space.
White and Partners and Brisbane developer State Development Corporation (SDC) will lodge a development application by the end of the year to transform a 1.3ha Toowong site, bounded by Jephson and High Streets and Sherwood Road. The site, which currently has office and retail buildings, was previously owned by ASX-listed Stockland which planned to develop three 25-storey apartment buildings on the property.
SDC Managing Director Ross McKinnon said the new development was inspired by The Grove Shopping Centre in Los Angeles and will feature an expansive town centre and streetscapes.
Plans are for a two-level retail centre, a 4.5-star 25 level hotel with some owner-occupied apartments and a 12 to 14 level office building. “We want it to be food and entertainment based. We’d like cinemas, dining places, bars, gymnasium, spa and entertainment there,” Mr McKinnon said.
“It won’t be like a traditional enclosed shopping centre. It will have an open air streetscape. We’ll also work to have an entrance facing High Street at the bus stop and then create a walking track from High Street, Jephson Street, Sherwood Road to Toowong Village and the train station.”
Mr McKinnon said they hope to start construction next year and finish in late 2022 or early 2023.
White and Partners Managing Partner George Ajaka said he was excited for what was an iconic project for the inner-Brisbane suburb.
“This location rivals some of the iconic suburbs in Australia like Chatswood in Sydney and Toorak in
Melbourne,” he said.
Knight Frank’s Christian Sandstrom, who negotiated the sale with Ben McGrath, said it was one of the largest remaining inner city mixed use development opportunities.
“It has three substantial street frontages in the heart of Toowong allowing for a number of development outcomes each with their own identity and importantly vehicular access,” he said.