As a result, to provide our retailers with certainty we have taken the difficult decision to close Toombul Shopping Centre and terminate all leases.

[10] Mirvac's short-term plan for the centre included improvements to the car parks, convenience, and the enhancement of the retail offering to better align with changing demographics.

[11] On 27 February 2022, during the 2022 Brisbane floods, torrential rain fell for three consecutive days over south-east Queensland, and the entire precinct was inundated.

As a result, Mirvac announced that all leases were to be terminated, due to the extent of the flood damage, as well as the high vacancy rate in the shopping centre.

In that article, Nicholls was quoted as saying that there was a need for a "substantial retail component", because the inner Northside was "not serviced by a decent-sized shopping centre from the CBD until Chermside".

[15] On 15 September 2022, the 4BC Breakfast Show with Neil Breen confirmed that retail space would be rebuilt on the site, whereas Mirvac had previously said it would be considered.