Check your lease and premises for flood and damage risks. Following the catastrophic flooding of a major northside Brisbane shopping icon in February, the centre owners have now terminated all retail leases saying no compensation would be payable.
The ASX-listed company told tenants that following careful consideration of the extent of the damage and the risk of future flooding, “it has been determined impractical and undesirable to reinstate the centre to how it was prior to the flooding damage” and that demolition clauses in leases were not applicable in this case.
The 54-year-old Toombul Shopping Centre first opened 1967. Mirvac purchased it 2016 for $230m then spent another $35m in a 2019 expansion and refurbishment including a new upper-level food and leisure precinct.
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