Fortis settles on record $37.5 million New Farm site
Burgeoning national developer Fortis has spent $37.5 million on one New Farm's most sought-after streets, the highest price ever paid for a development site in the affluent Brisbane suburb.
They've settled on a rare and prized 5,272 sqm block on Bowen Terrace, which runs from the heart of New Farm to the foot of the Story Bridge. It was also the only available residential development site of this scale offered in New Farm for more than a decade.
The site, which is completely cleared and vacant, was sold by Ozcare, who have recently completed a new aged care facility in 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 agents Brendan Hogan and Troy Linnane sold 424 Bowen Terrace, alongside Gallus Partners agent John Shepherd, the cleared and vacant site at
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 eight 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,” 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 four freehold homes.
Read more: Fortis files Bowen Terrace, New Farm apartment plans
Joel Robinson
Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.
He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey
