Man fighting for life after alleged assault in Fortitude Valley

A man who suffered critical injuries after allegedly being punched in Fortitude Valley overnight has been identified as Shannon James Finemore.

Police allege Mr Finemore, 37, and a friend were walking along Water Street around 8.45pm when a verbal altercation broke out with Harley James Hoodless, 28, and Michael Trevor Royce Collins, 29, in a nearby apartment block.

It's further alleged the two men came downstairs to confront Mr Finemore and his friend, with Mr Collins carrying a metal crowbar.

"I heard a lot of screaming and then it got louder and louder," witness Sean Hickey told 9News.

"Some girl was screaming out saying stop and then I think it was two or three other guys. They all started screaming."

During the argument Mr Hoodless allegedly punched Mr Finemore, who suffered critical injuries after hitting hit head on the ground.

He was rushed to the Royal Brisbane and Women's Hospital in a critical condition.

Officers arrested Mr Collins at the scene and Mr Hoodless a short time later at a nearby unit complex.

Mr Hoodless has been charged with grievous bodily harm and did not apply for bail.

Mr Collins is facing two counts of common assault and one count of going armed so as to cause fear.

He was granted conditional bail this morning after facing Brisbane Magistrate's Court.

Both matters have been adjourned until next month.