29 June 2025
Sydney developer Fortis has been revealed as the buyer of the expansive former Ozcare site at Brisbane’s New Farm and has filed plans for the blue-ribbon suburb. Fortis has now lodged a proposal for the 5727sq m site at 424 Bowen Terrace, which was listed by the aged care provider Ozcare last year, with the Brisbane City Council.
The development at New Farm, about 4.9km from the CBD by road, would become the developer’s third in the Queensland capital.
The Bowen Terrace site zoned low-medium-density residential and has 200m of street frontage. Fortis plans to rezone in line with densification nearby, aiming for seven storeys on the parcel. The DKO-designed plans show 74 apartments and four freehold houses.
Fortis General Manager, Development—QLD, Dan Boman said the project was an “opportunity to reimagine a key corner of the neighbourhood”. The homes would replace the former aged care facility with a design that the developer said enhances the site’s amenity and liveability in one of Brisbane’s most tightly held suburbs.
Median house prices in New Farm in the past 12 months have been recorded at $2,662,500, while the median price for apartments is $932,500, up 15 percent year on year, according to REA Group.
Spyre Group currently holds the record for highest price per sqm achieved in the River City with Moray House, believed to be at $35,000, and something Fortis will be hoping to build upon. “Our ambition is to deliver a project that reflects the identity of New Farm, elevated in its design, generous in scale, and deeply respectful of place,” Boman said.
“We’ve spent time listening to the community to help refine our plans and to respond meaningfully to the character and aspirations of the area.” Boman said the project would comprise about 30 percent two-bedroom residences and 70 per cent three-bedroom and larger apartments, “catering to the demand for generous, liveable spaces”.
“The project is designed with downsizers front of mind, particularly locals as well as buyers from the Gold and Sunshine coasts and interstate, who are seeking a high-quality, lock-up-and-leave lifestyle in Brisbane’s inner city,” he said.
“We anticipate average pricing to sit in the mid to high$20,000 per sq m net, in line with the premium positioning of the project and market expectations in New Farm.”
The proposal features setbacks and stepped forms to ensure that the building responds to its local context, presenting as three storeys to the street, which is largely low density in the immediate vicinity, Boman says. It would also adhere to Brisbane City Council’s Buildings that Breathe framework, which encourages openness, permeability and connection to local environment. The scheme centres on a courtyard with formal gardens, swimming pool, spa, and wellness facilities, and would provide a net gain in tree canopy coverage.
The Sydney developer’s two other Brisbane projects are the Kangaroo Point development River House, currently under construction by Stormvogel, and a residential project at Newstead that is yet to commence. Boman said Fortis had been working closely with Stormvogel and “another trusted contractor we’ve partnered with in the southern states who is now entering the Queensland market”.
The developer is targeting a construction start in the second half of 2026, subject to approvals. Boman said they would not commence sales or construction until planning is secured.
The Urban Developer understands Fortis is also due to announce another strategic acquisition in inner-city Brisbane within weeks. It follows a recent expansion into Adelaide and its ongoing presence in Sydney and Melbourne. “Our expansion into Brisbane is more about following opportunity,” Boman says. “We’ve identified suburbs like New Farm, Kangaroo Point and Newstead as having real demand for the kind of product we’re known for, considered, boutique developments with a strong owner-occupier focus.
“It’s underpinned by solid fundamentals; population growth, continued infrastructure investment, and a buyer profile that increasingly values quality design and liveability. Brisbane feels like a natural fit for what we do.” Ozcare listed the site, which had been home to an aged care facility for 30 years, in October of last year. The aged care provider built a $165-million luxury vertical seniors living community at Newstead called Rendu Towers.
The 139 independent living units sold for between$408,000 and $3.2 million. The Architectus-designed development provides retirement living, aged care and specialist dementia care, all in one connected community.
