ResidentialHarrison Caithness AND Lindsay SaundersThu 23 Jul 26
Fortis, Sherpa Add Sites to Burgeoning Brisbane Pipelines
Two developers have doubled down on Brisbane’s inner-city residential market, with Fortis and Sherpa Property Group acquiring development sites worth a combined $58.5 million for projects with an estimated end value of more than $600 million.
Fortis has added a 2386sq m site in Brisbane’s Teneriffe and plans to deliver a design-led mixed-use residential development as it expands its Queensland pipeline.
The development manager has settled the off-market acquisition of 49 Doggett Street on behalf of its clients for $31.5 million, its fifth project in Queensland.
Fortis plans to develop a residential project designed by Fraser & Partners, with landscape design by Aspect Studios and planning by Urbis.
The project will include a ground-floor retail offering it said would be aimed at activating the street frontage and complementing Teneriffe’s established village character.
The site at the intersection of the James Street, Gasworks and Teneriffe precincts is about 2.5km from the Brisbane CBD.
Fortis Queensland general manager of development Dan Boman said the acquisition reflected the company’s strategy of targeting tightly held inner-city locations.
“The acquisition of 49 Doggett Street is another deliberate step as we scale our presence in Queensland and cement Fortis as a leading development manager in the market,” Boman said.
“Fortis’ clients are targeting tightly held, blue-chip locations such as Teneriffe, where we can deliver design-led product that differentiates.”
The Teneriffe project joins Fortis’ growing Queensland portfolio, which includes the recently launched Crest & Walker project and River House development.
Fortis said Crest & Walker had generated more than $29 million in pre-sales while River House had established a benchmark for the company’s Brisbane projects.
The acquisition was brokered by Patona Property director of private and institutional markets Sam Byrne, who said the transaction reflected strong demand for premium development sites.
Fortis is part of Pallas Group, which also includes real estate financier and investment manager Pallas Capital.
Sherpa strikes again in South Brisbane
Meanwhile, Sherpa Property Group has paid $27 million for a site at 2 Cordelia Street at South Brisbane and plans to develop a $320-million, 186-apartment tower.
The project, designed by HAL Architects & Finegrain, will include a dedicated allocation of apartments for first homebuyers under Sherpa’s Flourish model, alongside ground-floor commercial space and resident amenities including a pool, gym and wellness facilities.
A development application is expected to be filed with the Brisbane City Council in August, and the project is scheduled to launch to the market in early 2027.
The acquisition marks Sherpa’s second Brisbane project after the $255-million Symphony development, also on Cordelia Street, where 114 of the 146 apartments have been sold ahead of its expected completion in 2028.
Sherpa founder Christie Leet said the company remained confident in Brisbane’s long-term growth, citing the city’s lead-up to the 2032 Olympic Games as a key driver of demand.
