Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Raise the Bar! Melbourne's Legal Precinct faces limited supply and high demand for Strata Offices

Jess Freeman • 27/04/2023


The legal precinct of Melbourne is experiencing a significant demand for strata office space, with research showing that the strata office buyer demographic is 80% driven by local owner occupiers and small to medium SME’s with 3- 70 staff members.

These business owners have often leased for multiple terms and are now seeking to stop paying rent by acquiring office space in a SMSF or family trust structure and paying themselves rent, a highly effective retirement and tax strategy.

In addition to the local owner-occupiers, the legal fraternity has also returned to work in the CBD and is flourishing. Many lawyers are looking to set up their own chambers and establish a stable commercial asset for their future.

However, according to Anthony Kirwan, Cushman & Wakefield’s Associate Director Investment Sales, Victoria, the limited supply of strata titled commercial office buildings in the Legal Precinct is of significant concern.

“The precinct only boasts seven strata titled commercial office buildings, with most whole floors owned within SMSF and family trust structures by long-term owner-occupiers.

“The Legal Precinct is one of the most tightly held pockets in the Melbourne CBD, and there have only been four strata office transactions in the past 18 months since Covid, with an average pricing of around $10,000 per sqm” he said.

Recent sales in the precinct include Level 5, 414 Lonsdale Street, Melbourne, which sold for $1,500,000 for 154 sqm of office space, and Level 12, 256 Queen Street, Melbourne, which sold for $3,500,000 for 312 sqm of office space. Both sales were vacant possession and achieved an average of $9,740/sqm and $11,218 per sqm, respectively.

George Davies, Cushman & Wakefield’s Associate Director Investment Sales, Victoria, said the demand for strata offices in the Legal Precinct is not likely to diminish any time soon, with a thriving legal fraternity and local owner-occupiers seeking to structure their acquisitions in a tax-effective manner.

“The limited supply of strata titled commercial office buildings in the Legal Precinct is likely to drive prices up in the foreseeable future” he believes.

In light of this, a local, private investor is bringing to market a whole floor Strata office of 375sqm* which is suited to Legal Chambers or Businesses with 10-35 people, as well as strategic investors.

For sale through Anthony Kirwan, George Davies & Jeff Ha of Cushman & Wakefield, the strata office on Level 3, 271 William Street offers an irreplaceable corner aspect overlooking the Royal Mint with excellent natural light and just moments from Flagstaff Train Station, Trams & All Major Law Courts.

Mr Kirwan said “Being situated on the corner of William Street and Little Lonsdale Street within immediate proximity to all major courts, this asset is ideally suited to legal professionals.

“Barristers are some of the highest paid professionals in the country and we’re experiencing an emerging trend of groups of colleagues seeking to form their own chambers. The location is also highly desirable for financial services professionals and education uses”.

Mr Davies went on to say “We are working with several groups of barristers seeking to set up their own chambers and secure a rock-solid commercial asset for their future. 271 William Street is a perfect example of an ideally suited asset for education and financial services, such as these, and as the asset is offered with vacant possession, it will not last long on the market”.

Level 3, 271 William Street Melbourne is for sale via an International Expressions of Interest campaign closing Wednesday 31st May 2023 with a price guide of $3-3.3 million through Cushman & Wakefield.


How can we help?

Get in touch with one of our professionals.

Recent Media Releases

Childcare center
Rising rents, sharp yields ahead as competition for childcare centres heats up

Australia’s childcare centre market is poised for growth in 2023, with increased government investment, growth in the nation’s younger population and expected industry consolidation creating a positive outlook for the asset class, a new report shows.

Jess Freeman • 16/03/2023

Industrial (image)
Cushman & Wakefield Builds Market Leading Capital Markets Industrial & Logistics Platform Across Australia

Cushman & Wakefield is gearing up for an exciting 2023 with the appointment of five new Industrial & Logistics Capital Markets team members in Melbourne and Brisbane, as well as the internal appointment of Simon Fenn in Sydney.

Jess Freeman • 08/02/2023

How resilient is your building?

Leonard Hines, Cushman & Wakefield's Senior Building Services Engineer, Project & Development Services sheds light on the resilience of the built environment and what companies can do to future proof their assets.

Jess Freeman • 18/01/2023

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All