Brisbane’s most coveted address is about to be reshaped. A rare 5,727  sqm development site in New Farm offers a once-in-a-generation opportunity for a landmark luxury  residential project, redefining urban living in the city’s most sought-after suburb.  

Ozcare are divesting the property following completion of their new aged care facility at Newstead which includes the same number of beds that were at the Bowen Terrace site. Funds from the sale will  be used to develop more aged care facilities for some of Queensland’s most vulnerable senior citizens.

Ozcare has a strong, nearly 30-year history in providing residential aged care to those most in need. 

With residential supply diminished to the lowest point Colliers has recorded in decades, and a lack of  new build-to-sell projects coming to market, this site offers much needed new housing opportunity in  Brisbane’s most desirable and sought after suburb. 

Colliers Queensland agents Brendan Hogan, Troy Linnane and James Matley together with Gallus  Partners agent John Shepherd have been exclusively appointed to launch an expressions of interest  campaign for this significant development opportunity at 424 Bowen Terrace, New Farm. 

Colliers Queensland Residential Director Brendan Hogan said, “As the only available residential  development site of this scale offered in New Farm for more than a decade, this site offers the  opportunity to create something very special on a cleared and vacant site in the heart of New Farm”. 

“Positioned in an unrivalled location, it has unmatched potential for luxury apartments, townhomes and/or freehold homes, currently zoned as low-medium density residential.” 

Gallus Partners Managing Partner John Shepherd notes “This is a blank canvas for visionaries looking to  create Brisbane’s next architectural icon, a truly once-in-a-generation opportunity in a suburb that  consistently breaks records.” 

Colliers Queensland Residential Director Troy Linnane said with over 200 metres of street frontage to  Bowen Terrace, Langshaw Street and Moreton Street, this site offered a prestigious location, in close  proximity to the CBD, Brisbane River and New Farm’s unique lifestyle offerings making it a perfect  canvas for a landmark project. 

“Given the record population growth experienced since 2020, Brisbane’s housing market segments are  witnessing exceptional levels of demand and consequent increases in prices,” Troy Linnane said.

“This factor, coupled with the exceptional attributes of this site, will result in significant premiums in  end values. Currently the weighted average sale price for off-the-plan apartments within Inner Brisbane is $1,910,880.” 

Colliers Queensland Residential Executive James Matley said with supply of new product at record lows  across Brisbane it is forecast that inner Brisbane will experience a shortfall of about 14,000 apartments  over the next four years. 

“With the New Farm median house price sitting at $2,770,000 and revenues for brand new luxury apartment product in New Farm now sitting at new benchmarks, and witnessing continued growth  across recent project releases, this site is sure to be well received by the market,” James Matley said. 

This opportunity will not last long. With expressions of interest closing on November 28, 2024, this is a  unique opportunity for Australia’s most astute and capable luxury residential developers to secure a  development site in Australia’s most liveable city, that will shape New Farm’s future and define  Brisbane luxury living for decades to come. 
 

*The above graph represents the annualised sales by quarter versus available apartments of new apartments in  Inner-Brisbane over a 5-year period. As of June 2024, supply has diminished to its lowest point Colliers has ever  recorded, emphasising the lack of new build-to-sell projects coming to market in Inner-Brisbane.

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