New plans were unveiled today for the revitalisation of Brisbane’s oldest theatre, the Princess Theatre.

The theatre was purchased by brothers Steve and Dave Sleswick, who currently own and run the Tivoli.

They plan to convert the theatre into a new live music venue, featuring a performance auditorium with a standing capacity of 900, and a seated theatre capacity of 500.

Construction began three days ago, with an official opening scheduled for late August this year.