Investor Confidence Grows as Up Property Secures Melbourne CBD Site

Confidence in Melbourne’s re-emerging CBD office market continues to strengthen, with Up Property securing its first city centre asset in a landmark deal. The acquisitive developer has purchased the 917-square-metre corner site at 50 Queen Street, comprising 9156 square metres of office space across 16 storeys. Industry sources suggest the sale price exceeded $40 million.

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Listed by overseas real estate investor ST Real Estate in February, the property attracted significant interest, with 11 bidders vying for the tower—82 per cent onshore and 18 per cent offshore. Up Property ultimately made a successful unconditional offer.

Cushman and Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma, alongside Teska Carson’s Ion Teska, Matt Field and Adrian Boutsakis, managed the sale campaign.

Wolman said the sale of 50 Queen Street “sets a positive tone for 2025, signalling renewed optimism and sustained demand for quality office assets in the city”.

“With 11 bids and two unconditional offers, the depth of buyer interest signals a clear return of investor confidence,” he said. “The asset achieved a passing yield of circa 7 per cent, reinforcing Melbourne’s position as a highly attractive market.”

Up Property, led by managing director Marcus Janke, plans to redevelop the asset and will unveil further plans in the near future. The developer holds a Victorian project pipeline valued at more than $500 million, including the notable Morris Moor precinct in Moorabbin.

“This acquisition is a testament to our belief in the long-term strength of Melbourne’s CBD market,” said Janke. “We are strategically positioned to achieve the best outcomes while holding on to high-value assets.”

Up Property’s move reflects a growing sense of stability and opportunity in Melbourne’s office sector, with the 50 Queen Street purchase setting the tone for a dynamic year ahead.

Images via The Urban Developer

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