Developer Stakes Claim in South Brisbane’s Epic Urban Renewal Precinct with $20M Acquisition

Colliers transact mixed-use development site to TRK Property Group

The transformation of South Brisbane’s riverfront precinct is gathering momentum, with one of the final privately owned development sites in the emerging South Bank expansion area selling for $20 million to TRK Property Group.

Central to the South Bank expansion precinct, the 1,917sqm mixed-use site located at 176 Montague Road, South Brisbane was transacted by the Colliers Queensland team of Simon Beirne, Brendan Hogan and Hunter Higgins on behalf of a private vendor.

The acquisition comes as South Brisbane’s Visy site will be redeveloped by Lendlease into a major new housing, river and entertainment precinct. The redevelopment will deliver more than 4000 homes and include 1.2 hectares of publicly accessible riverfront parkland.

Adding further momentum, Stockwell’s proposed master planned redevelopment of the neighbouring Parmalat factory precinct is set to transform the area with residential towers, a riverside pavilion, public square and more than 300 metres of restaurants, bars and entertainment venues.

Colliers Queensland Chief Executive Simon Beirne said the sale marked the beginning of a new era with South Brisbane shaping up as Brisbane’s most significant urban renewal precinct.

“This site sits at the heart of a precinct that will become Brisbane’s defining urban renewal story over the next decade,” Simon Beirne said.

“With government and private investment in the South Brisbane precinct providing significant momentum, there was strong engagement throughout the campaign from developers who wanted to move quickly to secure strategic sites in the precinct before competition intensifies.

“This opportunity allows TRK Property Group to get ahead of the curve and shape a legacy residential project that will be located in Brisbane’s most desirable inner-city location.”

By 2041, the population of the inner-southern side of the Brisbane River will reach 225,200 which is just below that of Ipswich at 268,272.

Colliers Residential Development Sites Director Brendan Hogan said the transaction reflected continued demand for premium apartment opportunities to keep up with the increasing population and undersupply of new housing across inner Brisbane.

“Brisbane’s apartment market remains critically undersupplied, particularly in blue-chip inner-city locations where quality development opportunities are increasingly scarce,” Brendan Hogan said.

“The South Brisbane riverfront is emerging as one of the city’s most exciting residential destinations with this site located right on its doorstep.

“Sites like this are incredibly tightly held because they offer the chance to create something truly iconic in a central lifestyle location.”

Brisbane’s off-the-plan apartment market continues to outperform the eastern seaboard, with Colliers and Urbis data showing average Inner Brisbane off-the-plan apartment price surged 147 per cent from 2020, from $816,096 to $2.015 million at Q2 2025.

Colliers Investment Services National Director Hunter Higgins said located between South Bank and West End, the precinct is one of the last significant riverfront precincts still available for redevelopment in Brisbane.

“The sale signals growing private sector confidence in South Brisbane’s next chapter, as developers position themselves to capitalise on one of the city’s most tightly held and rapidly evolving riverfront precincts,” Hunter Higgins said.

“The new South Brisbane riverside precinct will be a centrepiece of the 2032 Olympic Games. This location is truly unrivalled, just a short walk to everything that defines the vibrant South Brisbane and West End lifestyle.”