Melbourne CBD logs largest strata office sale in 7 years
Melbourne’s CBD strata office market has recorded its largest transaction in seven years, with a private investor acquiring Levels 1-3 at 320 Queen Street from a prominent Melbourne developer in a deal that signals renewed confidence in well-located, high-quality office assets.
The listing, which comprises three whole-floor corner offices spanning approximately 1269 square metres, comes after a prolonged period of subdued activity in the Melbourne CBD office sector. While the sale price remains undisclosed by the agents, the asset’s scale and the level of buyer engagement mark a turning point for the market.
Located at the prominent intersection of Queen and La Trobe streets, the property’s position, flexible floor plans and whole-floor configuration attracted strong interest from both investors and owner-occupiers seeking long-term value in tightly held CBD property. The campaign generated more than 40 enquiries, eight private inspections and five formal offers, highlighting improved depth and competition among private buyers.
The sale was negotiated by Jack Cooper, Anthony Kirwan, George Davies and Leon Ma of Cushman & Wakefield. They said buyer interest came from a broad pool, including professional services firms, technology occupiers, and private investors, responding to more stabilised pricing conditions.
“We saw genuine competition from buyers who recognise the long-term value of well-located, whole-floor offices. The level of enquiry and the number of offers clearly demonstrate that confidence is returning, particularly for assets that provide flexibility, strong fundamentals and future optionality,” said Cooper.
The building sits within Melbourne’s legal precinct and is close to Melbourne Central, Hardware Lane and major public transport links. It also has access to end-of-trip facilities and surrounding lifestyle amenities, which are strong drawcards for current buyers.
“As institutional capital remains selective, this transaction highlights the growing role of private capital and owner-occupiers in driving activity, particularly where assets align with evolving workplace requirements and long-term city fundamentals,” Cooper said.
The deal further cements Melbourne CBD as a focus for office buyers seeking quality opportunities, with Cushman & Wakefield reporting it accounted for an estimated 80 per cent of Melbourne CBD strata office transactions in 2025.
