Millinium Capital, the new owner of the heritage-listed Walton’s building in the Fortitude Valley has unveiled a glimpse of soon-to-be submitted plans to completely redevelop the derelict site.

The $180 million project will feature two stages with the first stage being the refurbishment of the heritage-listed Waltons building into a new international university campus and the second stage featuring a new mixed-use 30-storey student accommodation and commercial tower which would sprout out of 240 Brunswick Street.

Under a 12-year leasing deal, Millinium Capital has secured Torrens University as the anchor tenant of the university component which would occupy the 3,489 square metre heritage building, built in the early 1900s.

As part of the first stage, Overells Lane would be opened up, providing access to the station and the newly refurbished building. A new university-run restaurant is also planned on the lower ground level.

The second stage would see a new public plaza, cross block link to the station and new Valley Metro centre. A retail precinct is also planned with discussions underway to secure a major national retailer.

Completion of the university component is expected to be by the end of 2020 and is being designed by Arkhefield.

In a statement to the ASX, Millinium said the project would transform the vacant building and create a “thriving educational and residential hub” providing investors with the opportunity to benefit from the regeneration of Fortitude Valley and the growth of the higher education sector.

An application is expected to be submitted by the end of the month.

Last month council approved an application for the refurbishment of the neighbouring Valley Metro centre which would see a new cinema complex, upgraded retail offering and new cross block links.

The heritage Walton’s building which sits on a 3,489 square metre site was built in the early 1900s and was home to major department stores Waltons, TC Beirne and McWhirters before its closure in 1987.

After 35 years of being in the hands of the family-owned Mount Cathay investment company, the now run-down Walton’s Building at 240 Brunswick Street was bought in April this year by Sydney fund manager Millinium Capital.