​​$37.5M New Farm Site Sold as Fortis Eyes Landmark Apartment Project​

​​Strong demand for expansive Bowen Terrace site signals resurgence of Brisbane’s apartment market​ 

Brisbane’s most coveted address is about to be reshaped with the $37,500,000 transaction of a rare 5,727 sqm development site in New Farm to Sydney developer Fortis. 

Transacted via an expressions of interest process by Colliers Queensland agents Brendan Hogan and Troy Linnane together with Gallus Partners agent John Shepherd, the cleared and vacant site at 424 Bowen Terrace, New Farm was sold on behalf of Ozcare. 

Ozcare are divesting the property following completion of their new aged care facility at Newstead. Funds from the sale will be used to develop more aged care facilities for some of Queensland’s most vulnerable senior citizens. 

Colliers Queensland Residential Director Brendan Hogan said the site attracted strong interest from local, national and international developers, drawn by the site’s scale and location in best luxury residential precincts. The EOI campaign was hotly contested with well over 100 enquiries and 8 offers received at the close of the process. 

“As the only residential development site of this scale offered in New Farm for more than a decade, the property attracted significant interest from premium developers,” Brendan Hogan said. 

“Fortis presents a compelling vision for a high-quality project that responds to the growing demand from local owner-occupiers seeking larger, design-led apartments. This is a major opportunity to create something truly exceptional in Brisbane’s most prestigious suburb.” 

Fortis has lodged development plans with Brisbane City Council for the site, proposing a landmark residential project designed by DKO Architecture. The scheme comprises 74 luxury apartments and 4 freehold homes. 

The transaction comes as Brisbane’s off-the-plan market continues to outperform the eastern seaboard. According to Colliers and Urbis data, the average off-the-plan apartment price in Inner Brisbane has jumped almost 150 per cent since 2020, from approximately $800,000 to just over $2,000,000 in Quarter 1 2025. 

The acquisition comes as Brisbane’s population is forecast to grow by more than 500,000 people over the next decade—faster than both Sydney and Melbourne and according to SQM Research inner-Brisbane is expected to face a shortfall of over 14,000 new apartments in the next four years alone. 

Colliers Queensland Residential Director Troy Linnane said the Bowen Terrace site was perfectly placed to respond to the strong demand for apartment stock.  

“This site ticks every box—proximity to the CBD and Brisbane River, a premium streetscape, and the potential to deliver a landmark residential outcome. It’s an ideal response to the surging demand for quality apartment stock,” Troy Linnane said.  

Gallus Partners Managing Partner John Shepherd said the property represented an opportunity to deliver a city-defining residential address.  

“This is a blank canvas for Brisbane’s next architectural icon, a truly once-in-a-generation opportunity in a suburb that consistently breaks records.” 

The cleared and vacant parcel offers more than 200 metres of frontage across Bowen Terrace, Langshaw Street, and Moreton Street—making it one of the most significant residential landholdings in New Farm.