Detective Inspector Scott Miller said it was pleasing to bring another person before the courts, and police were continuing to pursue other suspects.
Police have previously said they believed at least four people were involved in the homicide.
A group of four males were captured on CCTV camera fleeing the crime scene.
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As the attackers escaped, one of them was allegedly heard swearing and yelling, "Oh my God, what have we done?"
A neighbour in the block of flats next to Tolley's found her body. She had heard Tolley screaming.
A year after Tolley's death police had said they had narrowed the suspect list to 12.
They were either directly involved in committing the murder, helped plan the attack on Tolley, or assisted the killers after the murder, police said on the first anniversary of the death.
The police investigation team had worked through more than 130 people of interest at that stage.
Tolley's mother previously told the Herald she had no doubt her daughter's killers would be caught.
She described her youngest daughter as a beautiful, caring person who was "very much loved by so many".
"We miss Lois so much, this has devastated our family and her friends, they stole her future from her and all of us."