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Melbourne-based barristers’ chambers could sell for $25m
Barristers’ Chambers Limited has listed Douglas Menzies Chambers for sale, with the sellers expecting a sale price of about $25 million.
Jerome Doraisamy
Canada-based diversified professional services and investment management company Colliers has been engaged by Barristers’ Chambers Limited (BCL), a wholly owned subsidiary of the Victorian Bar, to seek expressions of interest, globally, for Douglas Menzies Chambers, located at 180 William Street in Melbourne’s CBD.
It is the first time, Colliers noted in a statement, that the property has been offered for sale since 1992, when it was acquired by BCL.
The “highly prized freehold” of Douglas Menzies Chambers was constructed circa 1973, the statement continued, and comprises a 12-storey office building with a total net lettable area of approximately 3,401 square metres. As Melbourne-based practitioners will know, the state’s Supreme Court, County Court, Magistrates Court, and Commonwealth Law Courts building are all located along William Street, between Little Bourke Street and La Trobe Street, and are within 250 metres of 180 William Street.
The expected sale price, Colliers proclaimed, is around $25 million.
Speaking about the looming sale, Colliers Victorian head of investment services Matt Stagg said: “The property is strategically positioned for a law firm seeking a prominent legal precinct headquarters with valuable naming and signage rights.”
“A law firm may owner-occupy [sic] all or part of the building and lease the balance to other legal tenants.”
The property, Stagg continued, “truly presents the opportunity for an astute owner-occupier or investor to acquire a once-in-a-generation Melbourne CBD corner freehold”.
“The strategic location opposite the Supreme Court and competitive price range positions the property for future rental and capital growth during the next cycle as the Melbourne CBD market continues to improve,” he said.
Nick Garoni, a senior executive at Colliers, said: “180 William Street presented alternate investment and value-add opportunities that may be explored, including refurbishment and re-leasing, strata subdivision, construction of additional levels or conversion to alternate use (STCA).”
“The [approximate] 303-square-metre floor plates are ideally suited to whole floor strata offices that may be sold down individually to private law firms and other owner-occupiers.”
Expressions of interest for the property close in late March.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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