Silverstone Developments has started building its speculative office tower at Newstead and there are more projects to come

There will be plenty of jobs up for grabs, with construction starting on a 10-storey inner-city office building, but it’d not the only major project in the pipeline for this local developer.

An artist's impression of Silverstone Development's 10-storey office building at 14 Stratton St, Newstead.

WORK has started on Newstead’s newest office building, with the 10-storey project expected to be completed by the third quarter of next year.

Silverstone Developments has capped off a busy period with the appointment of Hindmarsh to construct its speculative 8000sq m building at 14 Stratton St.

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Silverstone’s managing director Troy Daffy said because the Stratton St building’s basement has already been constructed the project could avoid the delays usually encountered during the wet season.

“The current program has the delivery of the building being in the third quarter of 2020, which no doubt will come around very quickly,” he said.

“Silverstone Developments is now able to provide certainty of delivery for tenants looking to make decisions in the next 12 months and need to know when they can actually move in.”

Silverstone is working with Colliers International’s Joseph Dean and CBRE’s James Comino on the leasing campaign.

The Stratton St project is one part of a hectic past few months for the developer.

Silverstone has kicked off its approval process for a 14-storey office tower and four-storey Police-Citizens Youth Club at 458 Wickham St, Fortitude Valley, which it will start construction after Stratton St.

An artist's impression of 458 Wickham St, Fortitude Valley.

Also, it recently paid $5 million for the International Hotel site at 525 Boundary St, Spring Hill.

Mr Daffy said it was likely the Spring Hill site would be repositioned in the near term for retail or medical users. The long-term play would be of a larger medical or commercial development.

In July, Silverstone sold its Rochedale Central development on Lorisch Way for $13.5 million to a Hong Kong-based private investor who earlier this year paid $18.5 million for a

15.73ha infill site at 84 Samsonvale Rd, Strathpine.

Rochedale Central shopping centre.

The convenience centre deal was struck by CBRE’s Joe Tynan, Michael Hedger and Darren Collins, with the buyer introduced by James O’Dwyer of Holistic Property Group.

The sale price reflected an initial yield of 5.54 per cent and an estimated fully leased yield of 6.38 per cent.