Law Institute of Victoria sells long-term CBD headquarters

Colliers International negotiates sale of 470 Bourke Street

The Law Institute of Victoria (LIV) has sold its long-term CBD headquarters at 470 Bourke Street Melbourne for more than $30 million. 

The final sale price and purchaser details are confidential, however, selling agents Colliers International confirmed the result comfortably exceeded the Law Institute’s reserve price.

The nine-storey 470 Bourke Street office building has a net lettable area of 3,339 square metres. The underlying land area is 916 square metres with dual street frontages to Bourke Street and Little Bourke Street with direct access to the prestigious Melbourne legal precinct.

LIV Chief Executive Officer Nerida Wallace said: “Our building has served the Law Institute and the community well for almost 40 years. We’re excited to be moving to modern accommodation within the legal precinct so we can better support our members, the legal profession and the community.”

The property was offered by International Expressions of Interest by Colliers International Melbourne City Sales Team Oliver Hay, Matt Stagg, Daniel Wolman and David Sia. The purchaser was represented by Rob Harrington of Fitzroys.

The LIV sold the property subject to a six-month leaseback to provide sufficient time to relocate to another building within the legal precinct.

Colliers International selling agent Oliver Hay said the campaign generated more than 130 buyer enquires and multiple bids from a range of owner-occupiers, investors and developers.  The strong buyer response was due to the property’s prime location in Bourke Street and limited supply of significant freehold offerings during the first quarter of 2018.

Matt Stagg added the strong Melbourne CBD office leasing market and low interest rate environment had fuelled purchaser demand for commercial investments in the Melbourne CBD from local and international investors. 

The Law Institute of Victoria was advised on the sale by Charter Keck Cramer and Russell Kennedy Lawyers. The LIV is examining several leasing opportunities and is being advised by Charter Keck Cramer in the process.
 

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Oliver is an experienced National Director with a demonstrated history of working in the Real Estate industry. Skilled in negotiation, customer service and real estate transactions, Oliver is a strong operating professional who has received numerous accolades throughout his career. Oliver’s strong client relationships are proof of his success and his drive to achieve the best possible outcome for all clients is unmatched. With a focus in the City of Melbourne, Oliver has transacted some of Melbourne’s largest and most significant deals and continues to play a major role in breaking market records.

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Matthew Stagg

Director | Melbourne City Sales

Melbourne CBD

Matt Stagg has specialised in the sale of Melbourne Central Business District (CBD) and City Fringe commercial property since 2000. He has an extensive track record selling office and retail investments, development sites and commercial car parks. 

​Matt has an established client base throughout Melbourne and Australia from a variety of sectors including institutional and private investors, family offices, corporates, developers, banks, receivers and government.

He has also cultivated a network of international clients from China and South East Asia. This has directly resulted in several record transactions throughout the CBD and City Fringe to major offshore investors and developers entering the Melbourne market.

​Please contact Matt and the Melbourne City Sales Team should you be considering selling or buying a high quality commercial property in the City of Melbourne.​

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Daniel Wolman

National Director | Melbourne City Sales

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Daniel is a National Director for the Melbourne City Sales team, Investment Services and joined Colliers Interational in December 2010 where he instantly began driving both the market and his team to success. 

Daniel and his team consistently prove to be market leaders where he specialises predominately in the City of Melbourne and focuses on real estate, consisting of office and retail investments as well as development sites, student accommodation and car parks. Daniel's knowledge of the industry and strong client relationships allow him to surpass client expectations and deliver outstanding and record breaking results.

Daniel works closely with our international offices, in particular all across Asia, where he leads the Asia Roadshow for Victoria and visits several different major cities every year including Singapore, Shanghai, Macau and Ho Chi Minh, presenting current marketing opportunities to the most active offshore buyers.

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