Colliers facilitates $23 million acquisition of 180 William Street by owner-occupier.
Colliers is pleased to confirm the sale of Douglas Menzies Chambers, 180 William Street, corner Little Bourke Street, Melbourne for $23 million (Excluding GST) to an owner-occupier. The 12-level office building boasts a prestigious Legal Precinct location directly opposite the Supreme Court of Victoria, benefiting from stunning views overlooking the heritage listed court founded in 1852.
Colliers Melbourne CBD Office Middle Markets team Matt Stagg, Nick Garoni and Yvonne Zhou represented the vendor, Barristers Chambers Limited, who owner-occupied the property since 1992. Barristers Chambers purchased 200 Queen Street, Melbourne from Charter Hall for $176 million in June 2024 and owner-occupies several floors within the building.
Matt Stagg, Head of Investment Services, Victoria, said, “Commercial owner-occupiers such as Barristers Chambers are capitalising upon institutional investors divesting high quality A grade buildings such as 200 Queen Street to upgrade their accommodation. This in turn provides opportunities for other businesses to acquire tightly held buildings in prime locations such as 180 William Street. The long-term national average for commercial owner-occupier acquisitions is 4%, compared to a high of 15% for the year ending 2024.”
Colliers, Senior Executive, Office Middle Markets, Nick Garoni, commented, “The campaign generated deep purchaser demand with more than 90 enquires, 30 inspections and seven competitive offers. Owner-occupiers and experienced investors recognise the Melbourne CBD office market represents excellent value at this point of the cycle.”
“There is strong capital growth potential from the current historically low base, particularly for properties in strategic locations underpinned by industries such as the Legal Precinct, Collins Street and Bourke Street Financial Precinct and East End Government precinct,” Mr Garoni added.
Related Articles
