Barristers Chambers Limited has control again of an office in Melbourne’s courts precinct.
The Victorian Bar Council entity is paying $54 million for Owens Dixon Chambers West at 525 Lonsdale Street – which it has occupied since 1986.
AMP Capital was the vendor.
Site history since BCL
BCL paid $1.85m in 1979 for the land which made way for the office.
As it couldn’t afford to build, in 1986 it signed a 40-year pre-lease with financier, Perpetual Trustees, for the entire 19,000 square metre proposal.
Part of that deal gave the occupier first right of refusal to buy it in 2026.
However BCL relinquished that option in 1995 – when it terminated that agreement in exchange for a 40pc rental discount, back to the then-market rate.
An AMP Capital Investors client later became its landlord (story continues below).
The neighbouring Owen Dixon Chambers East – which is connected to ODCW – has been owned by BCL for some years.
“We are very pleased to have been able to fulfil the long-standing ambition (of BCL)” Michael Colbran QC, Chairman of the Victorian Bar, said.
“This purchase releases the Bar from constraints as a tenant of a commercial building,” he added.
“Importantly, it means security of tenure of chambers provided by the Bar that are close to the Courts for current and future generations of Victorian barristers.
“The acquisition will strengthen and consolidate the asset base of the bar and facilitate the long-term expansion of BCL”.
The group owns nearby offices including Douglas Menzies Chambers and Isaacs Chambers.
An AMP spokesperson said settlement is scheduled later this month.