Heritage Queen Street offices listed as market enters tightening investment window
A tightly held 1930s office building in the heart of Melbourne’s financial precinct has been brought to market with a price guide of around $15 million, as Australia’s office sector moves into what analysts describe as a narrowing investment window.
The eight-level freehold at 93-95 Queen Street – offered via an international expressions-of-interest campaign closing on 12 March 12 – presents investors with a rare boutique CBD opportunity amid renewed capital activity across the office market.
Constructed in 1939 and designed by renowned architects A & K Henderson, the 1720-square-metre building holds heritage significance and retains an appealing period facade, while the interiors have been renovated to accommodate modern office and retail use.
Around half the building is currently leased to a diverse mix of tenants, generating income of about $537,500 a year.
Colliers manager Ryan Milivojac says assets of this scale and heritage rarely trade in Melbourne’s tightly held legal and financial core.
“With around half the building currently leased and the balance available to occupy or reposition, it presents a genuine opportunity for investors or owner-occupiers seeking flexibility in a tightly held part of the CBD,” he says
The property is surrounded by major commercial and mixed-use developments, including Collins Arch, 447 Collins Street and the former ANZ headquarters at 380 Collins Street, reinforcing its position within Melbourne’s established commercial precinct.
Colliers’ Australian Office Capital Markets Investment Review and Outlook 2026 found national office investment reached $6.7 billion in 2025, signalling a transition from value discovery to more selective capital deployment following an extended repricing phase.
While transaction volumes remain below long-term averages, activity has become increasingly concentrated in prime, well-located assets with clear income growth prospects. National prime CBD net effective rental growth reached 6 per cent year-on-year in 2025 which is the strongest annual result since 2019, fuelled by improved investor confidence.
Supply constraints are also emerging as a key theme. Limited new development pipelines, elevated construction costs and cautious vendors holding prime assets have tightened available stock. According to Colliers, this scarcity is expected to intensify competition around quality offerings as liquidity improves this year.
Colliers’ head of investment services Victoria, Matt Stagg, says assets of this scale are increasingly sought after due to their scarcity and character.
“Queen Street has seen significant investment in recent years, and assets of this scale are increasingly sought after for their scarcity, character and proximity to Melbourne’s core financial and legal precincts,” he says.
Private and unlisted capital has been leading activity nationally, with offshore investors also re-entering the market as Australia captures a growing share of global office investment flows. With development activity expected to remain well below historical averages and owners reluctant to sell into early-cycle pricing, boutique CBD freeholds which offer flexibility and repositioning potential, like 93-95 Queen Street, are likely to attract strong enquiries.
