Developer John Marro has shrugged off gloom about Melbourne’s weak office market, commissioning a New York-style charging bull statue for the 15-level city fringe building he bought for $28 million and will spend a further $5 million to upgrade and refit.

Marwood Property Group director Mr Marro, who last month snapped up 432 St Kilda Road for two-thirds of the $41.6 million records show vendor UK fund manager abrdn paid for it a decade ago, said he was optimistic about the office market in the country’s second-largest city.