Silverstone Developments has entered into an agreement with the Queensland government for the redevelopment of the PCYC and and a 12-storey commercial development in Brisbane’s Fortitude Valley.
The two parties agreed to develop a new facility on a portion of the site at 458 Wickham Street, located two kilometres from Brisbane’s CBD, lodging a development application to Brisbane City Council last week.
Silverstone Developments managing director Troy Daffy described the development as an important local project.
“We’re looking forward to continuing our involvement in the local area by delivering an exciting new space for the iconic PCYC Fortitude Valley,” Daffy said.
The developer, which has delivered heritage-building refurbishments in Fortitude Valley and inner-city suburbs Teneriffe and Spring Hill, also has plans for a commercial office development on the remainder of the Wickham Street site.
Subject to approvals, construction is slated to commence later this year, with the completed rejuvenation slated for mid-next year. The Fortitude Valley’s PCYC has been in operation since 1965.
Development and planning minister Cameron Dick said the deal was an opportunity to upgrade ageing infrastructure.
“Government in consultation with PCYC Queensland ran a competitive bid process, seeking private sector participants to deliver the new PCYC Fortitude Valley facility,” Dick said.
Dick expects the development will create 162 jobs during construction, and will be financially backed by Silverstone developments.
This week Sydney fund manager Millinium Capital announced plans for a $180 million international university campus and 30-storey tower comprising student accommodation, co-living and co-working space at Fortitude Valley's 240 Brunswick Street and 11 Overells Lane.