The prototype was designed by the company's Australia division and hand-built in Japan.
The GT86's chief engineer Tetsuya Tada says he was bowled over by the quarter-scale clay model of the car and was so impressed that he arranged for his expert craftsmen to make the full-size shooting brake concept.
The car has more headroom for rear passengers thanks to a higher roof line and hatchback-style tailgate, although legroom is the same as in the coupé. The boot has more luggage space than on the standard car.
Brad Cramb, Toyota Australia's divisional manager of national marketing, believes the GT86 lends itself perfectly to a concept that expands its appeal due to its extra versatility, but still retains its sleek and sporty coupé styling and sharp handling.
He says it is a car drivers could buy with "both their head and heart" as it is equally suited to weekends away as it is the track.
Mr Tada adds that it is a fully functioning, driveable vehicle that has been put through its paces on Toyota test tracks. He says that its "nicely weighted and direct steering" ensures the car retains the coupé's involved driving experience with a "slightly more neutral feel" in tight corners.
There are currently no plans to put the car into production, but Toyota says it is monitoring media and public reaction to it.
Mr Tada admits that although he would love the concept to become a production reality, the idea was purely to demonstrate the passion within Toyota for cars that are fun to drive.
Copyright Press Association 2016. Motoring News articles do not reflect the RAC's views unless clearly stated.