Historic Galbally & O'Bryan legal offices in Melbourne up for grabs
Legal eagle families the Galballys and the O’Bryans have put their prominent William Street office on the market after nearly 50 years.
The three-storey, 912-square-metre Victorian building at 259 William Street is expected to fetch up to $6 million when it goes to auction at the end of March.
The building is in the heart of the legal district, next door to the Magistrates Court, opposite the County Court and a short walk from both the Supreme and Federal courts.
Title deeds show it was purchased in 1969 for $104,000 and is jointly owned by Kidson Nominees and Peter O’Bryan Nominees.
John Galbally started the firm in 1935 and was joined by his brother Frank in 1948. Frank Galbally joined forces with Peter O’Bryan in 1965 and began a formidable partnership.
Galbally O’Bryan will lease the building until 2020.
Frank Galbally with sons David (left) and Francis in 1982. Photo: John Lamb.
CBRE agent Josh Rutman, who is handling the deal along with Tom Tuxworth, Lewis Tong and Killen Thomas’s David Marks, said it was a rare opportunity to own a whole building on the legal strip.
“You can count on one hand the number of freehold buildings worth under $10 million along William Street. Most buildings are large office buildings, barristers’ chambers or strata-titled floors,” Mr Rutman said.
The last building to sell for less than $10 million on the strip was the nearby Metropolitan hotel, which fetched $8.61 million last year.
Strata offices are popular, however, especially in the legal district. A coveted whole-fifth-floor office at 530 Lonsdale Street, formerly known as Lonsdale Chambers, is for private sale.
Offers for the 777-square-metre office belonging to Michael Sifris, SC, now a Supreme Court judge, close on Thursday.
Also going to auction this Friday is 536-567 Little Lonsdale Street, a refurbished warehouse on the corner of Manton Lane.
