Irvine Group, the developer behind the Rivermakers project in Morningside and the conversion of woolstore buildings in Teneriffe, purchased the Toombul site from Mirvac at the end of 2025. The planning application describes the proposal as “a thriving mixed-use” hub.
The concept includes a mix of bars, restaurants, a renewed retail core, public green spaces and apartments. The developer noted that the site is currently significantly affected by regional flooding during major rainfall events, and said it would explore opportunities to improve flood resilience and “achieve an appropriate level of development immunity”.
The revival of the flood-ravaged centre has been closely watched since the site was left largely vacant after severe inundation. Irvine Group has not yet provided a timeline for construction, which will depend on council approval.