MELBOURNE – A tightly held freehold asset in Melbourne’s prestigious Queens Road corridor is coming to market, offering investors a combination of immediate income, irreplaceable views and long-term redevelopment optionality.
Located at 11 Queens Road, the 12-level office building with ground-floor retail, flexible office accommodation, and two basement parking levels comprising 124 secure bays, occupies a substantial 2,337 sqm* landholding overlooking Albert Park Lake, with dual frontages to Queens Road and Queens Lane and uninterrupted sightlines stretching from Port Phillip Bay through to the Melbourne CBD.
The asset currently generates diversified income across a multi-tenant profile spread across 8,501 sqm* of Net Lettable Area with 37 tenants and 71.5% occupancy, while also presenting a genuine land-banking play, underpinned by Commercial 1 zoning that supports future mixed-use or residential redevelopment, subject to approval.
With a 1.16 year weighted average lease expiry (WALE), the building offers flexibility to reposition, refurbish or ultimately transform as market conditions evolve and is for sale through Oliver Hay, Daniel Wolman and Leon Ma of Cushman & Wakefield.
Oliver Hay of Cushman & Wakefield said buyer interest was already shaping up around groups seeking assets that balance holding income with longer-term vision. “We’re seeing strong enquiry from private investors and family offices looking for income-producing land in proven corridors. “Queens Road is exceptionally tightly held, and opportunities that combine scale, views and zoning flexibility simply don’t come up often” he said.
Beyond its fundamentals, the property’s location is expected to be a key drawcard. Immediate access to public transport, including the new ANZAC Station places the building at the intersection of the CBD, St Kilda Road and Melbourne’s expanding metro network, reinforcing its appeal to both occupiers and future developers.
Daniel Wolman of Cushman & Wakefield said the uninterrupted outlook across Albert Park was a defining feature that set the asset apart.
“Views like this are permanently protected and increasingly scarce. Whether buyers are considering a long-term hold, repositioning strategy or a future residential outcome, the outlook across the park, bay and city skyline is something that can’t be replicated.”
The 2,337 sqm site benefits from dual street frontages, significant on-site car parking and recent upgrades, further strengthening its near-term leasing appeal while preserving its redevelopment credentials.
11 Queens Road, Melbourne is for sale through Cushman & Wakefield via Expressions of Interest closing Thursday, 5 March 2026 at 2pm (AEDT).
*Approx.
