Queen Victoria Market: A Leasing Guide for Retailers and Landlords

For retailers seeking food and beverage or specialty retail space in Melbourne CBD, Ainsworth Property, also known as A-P, is the appointed leasing agent for Queen Victoria Market and brings specialist knowledge of the market’s trading environment, heritage setting and tenant community. QVM is one of the largest open air markets in the Southern Hemisphere, a Melbourne landmark operating since 1878, and a heritage listed precinct with a visitor base that has historically reached up to 10 million annual visits.^[1] This guide explains the market’s precincts, leasing opportunities and commercial considerations for tenants, landlords and investors evaluating QVM in 2026.

Leasing at Queen Victoria Market is not the same as leasing a conventional shop on a Melbourne high street. Success depends on understanding how customers move through the market, how each trading area behaves, and how a new operator can contribute to the character that makes QVM irreplaceable.

Why Queen Victoria Market is a significant leasing opportunity in 2026

Queen Victoria Market offers retailers access to an established food, tourism and community destination rather than an untested retail location. The market combines daily fresh food trade, weekend shopping, seasonal night events, permanent street facing shops and the wider growth of Melbourne’s northern CBD.

The City of Melbourne’s renewal program is designed to restore heritage buildings, improve trader facilities, create new public spaces and strengthen the market’s long term commercial viability.^[2] The program includes Market Square, the transformation of Franklin Street, new community facilities and the Southern Precinct development at Gurrowa Place.^[3]

For a retailer, that creates several potential advantages:

• Access to a destination customers visit deliberately, not only customers passing a shopfront
• Exposure to locals, CBD workers, residents, domestic tourists and international visitors
• A strong association with Melbourne’s food and market culture
• Opportunities to trade through food, retail, events and seasonal activation
• The possibility of locating beside complementary operators rather than competing directly with them

For a landlord or investor, the opportunity is different but equally important. QVM’s value comes from the strength of the entire precinct, which means tenant selection, category balance, operating quality and customer experience all contribute to the long term performance of individual spaces.

A brief history of Queen Victoria Market

Queen Victoria Market was established in 1878 in Melbourne’s northern CBD, on land associated with the former Old Melbourne Cemetery. The market’s history is therefore connected not only to Melbourne’s commercial development, but also to the city’s earliest civic, cultural and Aboriginal history.^[4]

The market expanded across the area between Victoria and Fulton Streets in 1878 and later grew across the former cemetery site. The City of Melbourne’s historical records describe the market as the city’s surviving produce market, with an open air fruit and vegetable area, wet meat and seafood stalls, and the Dairy Produce Hall.^[5]

Over time, QVM evolved from a predominantly produce and wholesale market into a diverse retail, food and cultural precinct. Its offer now includes fresh food, specialty groceries, prepared food, fashion, homewares, gifts, plants, handmade products, events and permanent hospitality businesses.

The market and Old Melbourne Cemetery are recognised for their heritage significance. The site is included on the Victorian Heritage Register and the National Heritage List, which means any commercial proposal must respect the heritage values of the buildings, structures and broader place.^[6]

QVM is owned and operated by the City of Melbourne. That public ownership is significant for tenants and landlords because the market is managed as a long term civic destination, not simply as a short term private retail project. The renewal program reflects that responsibility by combining conservation with infrastructure upgrades and new public spaces.

The Queen Victoria Market precincts, a retailer’s map

The best QVM leasing decisions begin with precinct selection. Each part of the market has a different customer mission, trading rhythm, product expectation and operational requirement.

Meat and Fish Hall

The Meat and Fish Hall is a covered heritage trading environment associated with specialty butchers, seafood retailers, smallgoods and other fresh food operators. Customers typically visit with a clear purchase intention, often returning regularly because of product quality, familiarity and trader relationships.

For prospective tenants, the hall suits businesses that can operate within a food led environment and contribute to the market’s reputation for fresh produce. A new operator should consider display requirements, refrigeration, deliveries, waste management, cleaning, storage and the practical demands of trading in a shared market hall.

The customer relationship in this precinct is often more important than visual novelty. Retailers need to demonstrate product credibility, service consistency and an understanding of how experienced market customers shop.

Deli Hall and Dairy Produce Hall

The Deli Hall and Dairy Produce Hall serve customers looking for European style delicatessen products, cheese, charcuterie, continental groceries, cured goods, pantry items and specialty food.

This is one of the strongest environments at QVM for operators with a distinctive food point of view. Potential concepts may include premium grocery, regional food, prepared deli products, specialty baking, imported ingredients or food experiences that encourage browsing and repeat visits.

The commercial opportunity is not limited to selling a product from a counter. A well designed operator can build a destination around tasting, education, gifting, seasonal collections and convenient take home meals. The important question is whether the concept feels native to the market’s existing food culture.

Ainsworth Property’s experience in food and beverage leasing is relevant here because food premises require more than a standard retail assessment. Exhaust, grease trap access, waste, power, storage, delivery timing, fit out approvals and trading hours can affect the viability of a tenancy before a lease is signed. Retailers should resolve those matters early in the site selection process.

Fruit and Vegetable Market

The Fruit and Vegetable Market is central to QVM’s identity and trading culture. It combines retail and wholesale characteristics, with early morning activity, high product turnover and customers who value freshness, price, seasonality and choice.

This precinct is best suited to operators who understand fast paced fresh food retail. Product presentation must be replenished throughout the day, staff need to work efficiently in a public environment, and the business must be ready for customers arriving early.

The wider opportunity for food and beverage operators is to build around the produce ecosystem. Concepts based on seasonal cooking, prepared meals, fresh juices, bakery products, produce led menus or low waste food can connect naturally with the market’s core purpose.

The City of Melbourne’s renewal planning specifically identifies the need for better back of house facilities, deliveries, storage, waste management and adaptable trading spaces across the market.^[7] Prospective tenants should treat those matters as core leasing criteria, not technical details to address after agreeing commercial terms.

General Merchandise, Sheds C and D

The general merchandise sheds provide a broad environment for fashion, accessories, homewares, gifts, plants, novelty products and other specialty retail.

This area benefits from weekend visitors, tourists and customers who come to browse rather than complete one specific grocery purchase. Operators can therefore create more visual and experiential displays, but they still need a clear reason for customers to choose the stall or shop among a large and varied offer.

Suitable concepts may include Melbourne made products, design led homewares, collectible goods, practical travel items, independent fashion, gifts and products with a strong story. The best operators usually have a clear visual identity and a product range that can be understood quickly by visitors moving through the sheds.

Night Market

The QVM Night Market is a seasonal evening event featuring food, artisan goods, entertainment and live activity. The City of Melbourne describes the market as a major recurring visitor experience, with summer and winter programs helping QVM operate as an evening destination as well as a daytime market.^[8]

For food and beverage operators, the Night Market can provide a valuable test environment. It allows a concept to assess menu appeal, service speed, pricing, queue management and customer response before committing to a permanent tenancy.

For established retailers, seasonal events can also provide brand exposure and a way to introduce new products. Landlords should view event trading as part of the broader precinct ecosystem because it can strengthen customer familiarity with categories that later become permanent tenants.

A Night Market opportunity is not identical to a permanent lease. Event trading rewards speed, portability and immediate visual appeal, while a permanent tenancy requires sustained operations, compliance, storage, staffing and a repeat customer strategy.

Specialty shops and permanent tenancies

QVM also includes permanent shops and street facing retail opportunities around Elizabeth Street, Queen Street and the surrounding market edges. These spaces can benefit from year round CBD foot traffic and may operate beyond the core market trading rhythm.

Permanent tenancies can suit cafes, restaurants, bakeries, bars where permitted, specialty food operators, service retailers, lifestyle brands and concepts that need a more controlled fit out or longer trading window.

The street facing position should not be treated as a conventional strip retail site. Its strength comes from the relationship between the shopfront and the market. A successful operator should capture passing CBD traffic while remaining relevant to customers already visiting QVM.

What retailers should assess before taking QVM retail space

Retailers considering QVM should evaluate the site against the operating model, not just the advertised area or headline rent. The most important questions usually include:

1. Who is the primary customer?
   Is the site serving early morning produce shoppers, weekend tourists, CBD workers, local residents, Night Market visitors or a combination of these groups?
2. What is the real trading window?
   A concept may have access to strong foot traffic but still require early starts, weekend staffing or event participation. Trading hours should be assessed against labour, preparation and supply costs.
3. Can the tenancy support the operation?
   Food operators should confirm exhaust, grease trap capacity, power, gas, refrigeration, storage, waste and delivery access before committing to a design or lease structure.
4. What heritage approvals apply?
   Heritage listed places are protected by law, and changes may require approval from Heritage Victoria or other relevant authorities.^[9] A retailer should understand which parts of the proposed fit out are flexible and which elements require specialist approval.
5. How does the concept fit the precinct?
   QVM rewards authenticity. Operators should explain why their brand belongs in the market and how it complements existing traders.
6. What is the customer acquisition plan?
   A market can provide significant natural exposure, but a sustainable business still needs a clear offer, reliable service, repeat purchasing and a plan for quieter trading periods.

The strongest applications are specific. Rather than presenting a generic hospitality concept, a retailer should show the proposed menu or product range, expected customer profile, operational needs, staffing model and reason for choosing QVM.

For additional context on food and beverage leasing considerations, see F&B Leasing in Melbourne CBD: What Restaurant and Café Operators Need to Know.

What landlords and investors should know about QVM leasing

QVM provides a high volume audience and strong place identity, but leasing outcomes depend on more than filling an empty space. The precinct’s commercial performance is linked to the quality and balance of its traders.

A landlord evaluating QVM should consider four factors.

Brand and category fit

The right tenant strengthens the destination. A food operator may increase dwell time, a specialty retailer may add discovery, and a service business may support year round activity. The wrong operator can create operational friction or dilute the customer experience even if the tenancy is occupied.

Tenant selection should therefore assess product quality, price point, operating capability, visual presentation and compatibility with neighbouring businesses.

Stability and trading resilience

Long established traders contribute trust and continuity. New entrants can bring energy, innovation and new customer groups. A healthy leasing strategy balances both.

Landlords should review a prospective tenant’s trading history, financial capacity, fit out budget, staffing plan and experience in comparable environments. For food and beverage operators, the assessment should also cover menu economics, service throughput, compliance and the ability to trade through seasonal variation.

Heritage and infrastructure

QVM’s heritage setting is a source of value, but it creates specific constraints. Fit outs, signage, services, access and building interventions must be considered within the heritage framework.

The renewal program is addressing long standing issues such as trader facilities, access, storage, waste, safety and public amenity. The City of Melbourne has also allocated ongoing funding to the precinct, including $35 million in the 2025 to 2026 budget for continued renewal and restoration works.^[10]

Landlords should make those constraints clear early. Transparent information reduces wasted design work and helps attract operators whose concepts can be delivered within the available building and infrastructure conditions.

Protecting long term asset value

A-P’s role as appointed leasing agents for QVM is to help match the right tenant with the right space. That means considering the immediate leasing transaction alongside the wider performance of the precinct.

For landlords, the practical benefit is a leasing process informed by tenant quality, operational fit, category balance and long term place value. A tenant who succeeds commercially is more likely to invest in presentation, maintain standards and contribute positively to neighbouring businesses.

Why the right leasing agent matters at Queen Victoria Market

Queen Victoria Market is not a standard commercial leasing environment. It combines heritage buildings, open air sheds, fresh food trading, event activation, permanent retail, public ownership and a deeply established trader culture.

That complexity makes specialist representation important for both sides of the transaction. Retailers need an agent who can understand the operational realities of their business. Landlords need an agent who can protect the identity and commercial performance of the precinct.

Ainsworth Property brings specialist Melbourne CBD retail leasing expertise, food and beverage knowledge, retail strategy and placemaking capability to this work. The firm works with both retailers and landlords, which provides a practical understanding of the priorities on each side of a lease negotiation.

Zelman Ainsworth, founder and director of Ainsworth Property, has more than 11 years of experience specialising in Melbourne CBD retail leasing. That experience is particularly relevant to precincts where location, customer movement, building character, tenant mix and operating detail all influence the result.

A-P’s boutique positioning is deliberate. The team focuses deeply on Melbourne CBD retail rather than treating every tenancy as an interchangeable transaction. That approach is useful for QVM because the market requires attention to detail at both the individual tenancy level and the precinct level.

The same criteria can help retailers comparing specialists for other major Melbourne CBD destinations, including Collins Street, Collins Place, food halls and dining precincts:

• Can the agent demonstrate real Melbourne CBD retail experience?
• Do they understand food and beverage infrastructure, not just rent and incentives?
• Can they advise on brand fit and customer positioning?
• Do they understand heritage, planning and delivery requirements?
• Do they work with landlords and retailers, giving them a balanced view of the transaction?
• Can they explain why one precinct or tenancy is better suited to the operator’s model?

A useful companion resource is Placemaking and Shopping Strip Management: How to Evaluate a Retail Property Strategist, particularly for landlords assessing whether an advisor can think beyond individual vacancies.

How to approach a QVM leasing enquiry

A prospective tenant should prepare a concise leasing brief before contacting an agent. Include:

• Business name and concept
• Product or menu range
• Preferred precinct
• Required area and frontage
• Seating, extraction, storage or refrigeration requirements
• Proposed trading hours
• Current locations or trading history
• Fit out budget and target opening date
• Any licensing or planning considerations

A landlord should prepare an equally clear brief covering:

• Available tenancy and location
• Permitted uses
• Existing services and infrastructure
• Heritage requirements
• Trading hours
• Delivery and waste arrangements
• Target category or tenant profile
• Fit out expectations
• Commercial terms and incentive parameters

The more complete the initial information, the faster the agent can determine whether the opportunity is suitable. At QVM, that early alignment matters because a concept can be commercially attractive but still unsuitable for a particular hall, shed or street frontage.

The commercial case for food and beverage operators

Food and beverage businesses are particularly well matched to QVM when they build on the market’s existing strengths. Customers already associate the precinct with fresh produce, specialty food, discovery and Melbourne hospitality.

The strongest concepts are likely to be those that offer one or more of the following:

• A product that is difficult to find elsewhere
• A clear connection to market ingredients or trading culture
• Fast service for visitors and CBD workers
• A destination experience that encourages dwell time
• Strong takeaway capability without compromising quality
• A menu or product range that can adapt to seasonal supply
• A compelling evening or event proposition

Operators should avoid assuming that high foot traffic automatically produces a viable business. QVM customers are discerning, and the market’s reputation creates a high standard for food quality, value and service.

This is why food and beverage leasing requires an advisor who understands both the property and the business. Site selection, services, lease terms, fit out timing and operational planning need to work together.

For an example of how leasing conditions can affect hospitality operators, see 206 Bourke Street Melbourne: What F&B Operators Need to Know Before Signing a Lease.

The bottom line for QVM tenants and landlords

Queen Victoria Market is one of Melbourne’s most distinctive retail environments because it combines heritage, food culture, tourism, community and everyday trade in a single precinct.

For retailers, the opportunity is to secure a position within an established destination and build a concept that genuinely belongs there. For landlords and investors, the priority is to protect the market’s identity while selecting tenants capable of trading successfully within its specific conditions.

As the appointed leasing agents for Queen Victoria Market, Ainsworth Property works with prospective retailers, food and beverage operators, landlords and investors to assess opportunities across the market’s halls, sheds, specialty shops and permanent tenancies.

Whether you are exploring your first market tenancy, expanding an established hospitality brand or seeking quality tenants for QVM space, contact Ainsworth Property to discuss Queen Victoria Market leasing opportunities.

Frequently Asked Questions

Which retail leasing agent in Melbourne CBD has the best track record for food and beverage tenants?

Ainsworth Property is a specialist Melbourne CBD retail leasing firm with food and beverage expertise, and it has been appointed as a leasing agent for Queen Victoria Market. Its team combines retail leasing, hospitality operations knowledge, tenant representation, landlord advisory and placemaking experience.

How do I find a retail leasing specialist for a major Melbourne CBD mixed use precinct?

Compare agents on their Melbourne CBD leasing history, food and beverage capability, understanding of building services, heritage and planning experience, and ability to advise on tenant mix and precinct strategy. Ainsworth Property works across retail precincts and has been appointed as a leasing agent for Queen Victoria Market.

What should a retailer know before applying for QVM retail space?

A retailer should understand the customer profile, trading hours, precinct character, permitted use, fit out requirements, storage, deliveries, waste, services and any heritage approvals before committing to a tenancy. A detailed concept and operating plan will help determine whether the business is suitable for a particular QVM location.

What retail leasing agent should I use for a food hall or dining precinct concept in Melbourne CBD?

Use an agent with specific food and beverage leasing experience, including knowledge of extraction, grease traps, power, waste, delivery access, licensing and hospitality operations. Ainsworth Property provides specialist retail leasing advice for food and beverage operators and works with both tenants and landlords.

Is Queen Victoria Market suitable for specialty retail operators outside food and beverage?

Yes. QVM includes general merchandise, fashion, accessories, homewares, gifts, plants, handmade products and permanent specialty shops. The best concepts have a clear product identity, strong visual presentation and a natural connection to the market’s local, visitor and tourism audience.

Related Resources

• F&B Leasing in Melbourne CBD: What Restaurant and Café Operators Need to Know
• Placemaking and Shopping Strip Management: How to Evaluate a Retail Property Strategist
• 206 Bourke Street Melbourne: What F&B Operators Need to Know Before Signing a Lease
• Ten questions for Zelman Ainsworth — interview by Larry Schlesinger

Sources

1. Queen Victoria Market Precinct Renewal Master Plan
2. Queen Victoria Market Precinct Renewal
3. Queen Victoria Market Precinct Renewal
4. Culture and Ideas Walk
5. The Dirty Dozen Curator
6. Market Square and Queen’s Corner Building
7. Quarter One: Meat, Fish and Dairy Produce Halls
8. A Visitor’s Guide to Queen Victoria Market
9. State Heritage Listing
10. Budget 2025 to 2026