Toowong Village has been named Retail Property of the Year at the 2023 Queensland Retail Property Awards, recognising the shopping centre’s innovative repositioning and marketing efforts following a major redevelopment.
The property, owned by YFG Shopping Centres and managed by Retail First, underwent significant renovations over the past year to revitalise the complex. The project added new dining and entertainment options to create a lively restaurant precinct.
In 2022, they welcomed Woolworths, TK Maxx, two international supermarkets, and a mix of specialty retailers.
According to the Property Council of Australia, which hosts the awards, Toowong Village stood out for transforming a ‘land-locked vertical asset’ through creative thinking.
“Toowong Village has been a strong performer across all Awards they entered this year, but it was their work in repositioning a land locked vertical asset through innovative development thinking and a corresponding marketing campaign that drove visitation, sales, and positive feedback that saw them take out the top prize,” the Property Council of Australia has stated.
One highlight of their marketing campaign was the Heart Gallery, a two-month exhibition from March to May 2023 showcasing works by local artists. The free event supported the community and arts whilst drawing customers to the reimagined property.
Retail First’s ‘The Heart Gallery’ campaign also won the Community Award at this year’s Retail Property Awards for Queensland.
Property Council of Australia said the campaign was a unique drawcard, driving traffic and sales whilst fostering connections with community and charities and shone a light on local talent.
About Toowong Village
The site where Toowong Village now stands has a long history intertwined with the development of Brisbane’s inner west. In the early 20th century, the land housed Patterson’s Sawmill, which relied on the adjacent railway to transport timber and products.
After the sawmill closed down, the prime location beside the Toowong train station was ripe for redevelopment. In 1986, the Toowong Village shopping centre and office tower opened on the former sawmill property.
Spanning over 40,000 sqm, Toowong Village transformed the old industrial site into a major retail and commercial hub.
In 2015, Toowong Village underwent a major $50 million redevelopment to modernise the dated complex.
The $50 million modernisation of Toowong Village dramatically updated the shopping experience. Interiors were revamped with a simplified mall layout to improve navigation. The parking system was overhauled to make entering and exiting more efficient.
The tired food court was refurbished with fresh dining options. An alfresco restaurant precinct was added along the front side of the complex on High Street. This new area allows patrons to enjoy dining outdoors along the bustling Sherwood Road.