Up to five towers, up to 30 storeys high and housing up to 1,500 apartments, could be built under a new vision unveiled for one of the largest infill development sites in Brisbane’s city centre.

Listed real estate fund giant Charter Hall is behind the proposed Montpelier Road mixed-use development.

Notably, this will support accelerated housing development on a larger scale, including potential rentals.

Papers outlining plans to transform a derelict 1.56ha site in Bowen Hills – about 3km north of the CBD – have been lodged with Brisbane City Council.

They were submitted as part of a request to change the planning scheme – specifically increasing the building height limit to 30 storeys – to “catalyze” urban renewal.

The current maximum building height on the site fronting Montpelier Road is only eight stories.

The large holding at 66-98 Montpelier Road would “likely” have three to five towers (some with shared podiums) rising to 22, 26 and 30 floors, according to the application.

“This proposal will open up and facilitate the supply of a significant amount of housing in the area and central Brisbane as a whole,” the documents say. “Initial estimates indicate that with the proposed developments, up to 1,500 one, two and three-bedroom homes could be built on the site in the future.”

Under this proposal, the rental of retail/commercial space on the ground and lower levels would also have the potential to create a 1,000 sqm urban public space. m throughout the territory.

However, no development projects for the site have been presented yet.

“Brisbane has clear housing supply challenges, particularly in well-located and well-served city centres,” the planning report said.

“The Montpelier Road Precinct provides a rare and significant opportunity to meet the growing needs of Brisbane…with its strategic location at the junction of Newstead, Bowen Hills and Fortitude Valley.

▲ A 2016 rendering of Valley Live, a four-building site that was planned to be built on the Bowen Hills site but never came to fruition.

“The applicant seeks to capitalize on this opportunity and implement a planning framework that will enable the future development of significant housing stock through the redevelopment of the site, which may include both a build-to-sale and build-to-rent typology.

“If approved, the change request will set the path for future development applications.”

The future redevelopment of the site will also “glue together” the developing Newstead and Bowen Hills areas through retail activation and street design upgrades on Montpelier Road, the report said.

“It is doubtful that this key outcome will be achieved under current planning measures given the limited density that can currently be achieved,” the statement said.

“Current planning provisions applicable to the site… have been superseded by events and are preventing development on a meaningful and necessary scale that reflects the level of accessibility and amenity that the site has.”

Charter Hall and Dutch pension fund PGGM swooped in on the Bowen Hills site in 2022, securing it in a $60 million off-market deal from office developer Bill Henderson’s OPD.

It is occupied by commercial and large format retail buildings, including office, equipment and trade goods, and showrooms.

The site was previously earmarked by Brisbane-based Metro Property Group for a 550-apartment mixed-use development.

It was acquired by OPD in 2016 for approximately $25 million. His plans for a four-building complex called Valley Live, comprising 35,474 sq. m of office space, 9,986 sq. m of retail space and a city square were never realized.