After 60 years at the top of Port Phillip Bay, the fabric of the building has decayed in the weather. Steelwork is rusting, timber is worn out, and an aging asbestos sheet roof needs to be replaced before it becomes a hazard.

The rebuilding project will see the old Boat Shed structure replaced with new materials to continue its role as the sailing heart of the club.

The iconic, functional maritime form of the building will be retained.

The project is being funded by PMYC members with support from the City of Port Phillip. The club is seeking donations to reduce its reliance on loans, which will otherwise draw money away from training and other initiatives to increase community participation.