Tower Plans to Fill Fortitude Valley Void Make a Strategic Pivot

The new proposal supersedes previous plans approved in 2023 for 628 build-to-rent apartments across two towers of 30 and 24 storeys.

But while the architectural plans identify the reworked scheme as “Wickham St BTR”—indicating it remains a build-to-rent project—the planning documents only refer to it as “high-rise residential apartments” or a “multiple dwelling”.

The latest plans have been filed by an entity linked to Asher Capital chairman Andrew King and TKM Capital managing director Tim Mahony, who were also behind the earlier approved scheme.

Designed by Nettletontribe, the new tower proposal accommodates a mix of 180 two-bedroom apartments topped by a two-level penthouse.

The residential component would sit above a five-level podium with 194 carparking bays and 228 bicycle spaces.

Anchoring the proposed development, about 250sq m of ground-floor retail space is planned to reactivate the site’s long-dormant streetscape.

▲ Renderings of the new tower proposal for 186 Wickham Street and 23 Ranwell Lane, Fortitude Valley.

“The proposed site is a well-known landmark because of its vacancy of over 50 years,” the document said.

“On completion, this project will fill a void in the public realm and reinvigorate pedestrian activity along Wickham Street, enhancing the precinct and providing economic stimulus to the surrounding areas.”

The tower’s design draws inspiration from the precinct’s past, specifically referencing the historical Foy & Gibson Woollen Goods Store and the Rex Theatre.

“The architectural language is reflective of the contextual aspects of the site, the traditions, and the materials of the surrounds of Fortitude Valley…though reimagined in vogue,” a design statement said.

“Striving to capture the tactility and mood of the Valley, elected materials are moody and textured by nature, with dark pigmented concrete elements featured in the podium and tower, contrasting with patinable earthen hued metals and timbers.”

▲ A rendering of the new tower proposal’s five-level podium above which 181 apartments would be accommodated across 17 levels.

At the ground level, an arched facade and slender canopy are integrated into the design to provide a strong street presence and shelter, while a triple-height glazed area marks the residential entrance, above which the upper tower steps back to reduce visual bulk and respect the precinct’s adjoining heritage assets.

“The proposal endeavors to invigorate Wickham Street with a higher quality residential development with supporting retail on the street level interface,” the documents said.

Crowning the proposed development is a 370sq m rooftop communal recreation zone featuring a lap pool, hot and cold plunge pools, a wellness spa with a sauna and steam room, a gymnasium, and outdoor dining booths.

“The development will increase the residential population within Fortitude Valley, support greater day-to-day activity, and contribute positively to local amenity,” a planning report prepared by Urbis said.

“By introducing a critical mass of residents alongside complementary ground-level uses, the proposal will enhance activation of the public realm and reinforce the Valley Heart Precinct’s role as a focal point for vibrant inner-city living.”

According to property records, the entity behind the proposal acquired the Fortitude Valley site in 2022 for $12.74 million.