Brisbane-based Silverstone Developments has won approval for the $60 million redevelopment of one of Queensland’s oldest clubs, the Fortitude Valley PCYC.
The developer entered into an agreement with the Queensland government last year to develop a new four-storey PCYC facility and a 12-storey commercial tower on the existing PCYC site at 458 Wickham Street, Fortitude Valley.
Minister for State Development Cameron Dick said the two-stage development would create more than 160 construction jobs and be fully-funded by Silverstone.
“Our government is pleased to be working with Silverstone to deliver a new facility that will extend the services already offered by the club, to the benefit of PCYC Queensland members and Fortitude Valley locals,” Dick said.
Plans for the site, located two kilometres from Brisbane’s CBD, include a café, three floors of car parking, eight floors of office space and a communal rooftop area.
Silverstone Developments managing director Troy Daffy said the company was excited to move closer towards delivering an exciting new space in its home suburb.
“[We have] a successful track record of producing high-quality, landmark developments, including heritage-building refurbishments in Fortitude Valley and neighbouring inner-city suburbs like Spring Hill and Teneriffe,” Daffy said.
The developer is also speculatively developing an $85 million office tower at 14 Stratton Street, Newstead, which is due to complete in the fourth quarter.
Silverstone acquired the final undeveloped site of Metro Property’s five-tower Newstead Central development, slashing 9-storeys from the original apartment approval slated for the site and submitting plans for a commercial scheme in its place.
Silverstone secured construction funding with no major pre-commitments in place from US funds giant PGIM Real Estate.
“We understood that the major banks would have limited appetite for construction funding without major pre-commitments we targeted the non-bank lenders who operate on different return and risk profiles,” Silverstone development manager Luke O'Dwyer said.
Silverstone will build the new PCYC this year, with the exisiting facility remaining open during construction. The design development of the 12-storey tower will take place during the delivery of the PCYC.