Major development approval just granted near the CBD

Brisbane City Council granted development approval on July 7 for a $620 million project that will rise on the former industrial block at 45 Wickham Street.

The timing aligns with record interstate arrivals from New South Wales and Victoria and the start of major 2032 Olympics works along the inner north.

Project scale and location

The tower will contain 220 one-bedroom units and 160 two-bedroom apartments, plus 8,500 square metres of office space. The site sits 800 metres from the Brisbane Powerhouse and one stop from the CBD on the new Cross River Rail line. Fortitude Valley already hosts more than 4,200 residents in buildings completed since 2020, and this addition will push that count past 5,000 by 2029.

Median unit prices in the suburb reached $612,000 in the March quarter, according to CoreLogic data. The new development will offer apartments from $545,000, a figure that undercuts the current median by 11 per cent and targets first-home buyers eligible for the state’s $30,000 grant.

Market ripple effects

Neighbouring suburbs such as Newstead and Bowen Hills are expected to see renewed interest once construction fencing goes up next March. Local agents report that similar approvals along Breakfast Creek Road have lifted nearby resale values by an average of 6 per cent within 18 months.

Buyers watching the project should register interest directly with the developer’s sales office on Ann Street and monitor the council’s public register for any amended traffic plans. Settlement on the first stage is scheduled for late 2028, giving purchasers time to lock in finance ahead of further rate movements.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.